Cherokee TV

Price Again Rejects Bailout Plan in Second Vote

CTV STAFF
Friday, October 03, 2008

U.S. Rep. Tom Price rejected the revised $700 million financial bailout package that the House of Representatives passed Friday afternoon.

The Emergency Economic Stabilization Act of 2008 passed 263-171. Price voted against the earlier version of the legislation on Monday as it was defeated 205 to 228.

Four of Georgia's 13 congressman voted for the plan Friday, up from two on Monday. Democratic Reps. John Lewis and David Scott, were reportedly the only "vote switchers" in the state's legislative delegation as they changed their positions during the week from no to yes.

Backers of the measure say it is designed to alleviate the economic crisis that has put financial markets in a tailspin and it was enhanced with revisions, including a plan to increase the FDIC insurance limit on bank deposits to $250,000 from $100,000.

The U.S. Senate passed the measure Wednesday by a 75-24 vote that set up the new vote by the House. President Bush is expected to soon sign the bill into law.

In a prepared statement released after the Friday vote, Price said the economy is facing tough days as savings plans have lost value, credit dried up and confidence in the status of economy has declined.

Said Price: “It is clear – something must be done. It is also important that our solution be the right one, not the expedient one. We must ensure that fundamental American principles that have allowed our country to prosper are embodied in an end solution. It must include taxpayer protections to ensure our citizens are not indebted by multi-billion dollar commitments. It must include private participation and market alternatives so those who caused this problem will be a part of the solution. And finally, it must include a viable exit strategy so we do not burden future generations with a massive and lasting bureaucracy.

“Regarding the bill that passed the House today, will it punish those responsible for getting us in this mess? No. Will it punish those who did the right thing? Yes. Will there be reforms that will prevent our nation from getting in this situation once again? No. Are more appropriate, less costly alternatives being attempted first? No.

“Wall Street and Main Street are inextricably connected in our nation. Washington’s failure to hold to account one and harmfully intrude into the other fundamentally alters the nature and dreams of all Americans. My faith and confidence rests firmly with the ingenuity and resourcefulness of the American people. My passion and enthusiasm for liberty drive me to continue my commitment to work with all who embrace solutions that will preserve the principles of free enterprise and freedom for generations to come.”

Price represents Georgia's 6th District, which includes all of Cherokee County. 

Price is seeking a third term in the House in the Nov. 4 general election. His Democratic opponent, Bill Jones of Marietta, called for Price to resign immediately on September 18 over his fiscal policies while the United States faces a financial crisis.