Cherokee TV

Price Votes Against Bailout Plan

CTV STAFF
Tuesday, September 30, 2008

U.S. Rep. Tom Price blasted the $700 million financial bailout package that was rejected by lawmakers Monday as "an egregious proposal" that he contends would be bad for taxpayers.

The Roswell Republican was in the majority in the U.S. House of Representatives who voted against the proposal Monday. While the proposal has the backing of President Bush and legislative leaders from both the Democratic and Republican parties, it was defeated 205-228.

The Roswell Republican said the bailout plan that lawmakers voted on Monday lacks safeguard for taxpayers.

“Today, I made a principled vote against an egregious proposal that undermines American ideals and puts taxpayers on the hook for $700 billion,” Price said in a prepared statement released Monday after the vote. “It is unfortunate that congressional Democrat leaders insisted on pushing through this fatally flawed plan instead of considering free market alternatives."

Added Price: “From the beginning, I stipulated three fundamental principles must be included in a solution – taxpayer protection, private market alternatives, and a viable exit strategy. Regrettably, none of those fundamental requirements were met."

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.