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Few Local Lawmakers Change Vote On Bailout

Cleaver Only Representative To Switch Vote

POSTED: 1:18 pm CDT October 3, 2008
UPDATED: 5:02 pm CDT October 3, 2008

The revised $700 billion financial bailout package that the House approved on Friday did little to change the minds of local lawmakers.

Only one lawmaker -- U.S. Rep. Emanuel Cleaver -- changed his vote from "no" on Monday to voting in favor of the package.

Here's the breakdown of the vote:

In Missouri, Republican Sam Graves voted against the bailout. Democrat Ike Skelton voted for it. Republican Kenny Hulshof, who is running for governor, voted no. Democrat Russ Carnahan and Republican Jo Ann Emerson voted yes. Republican Roy Blunt voted yes. Democrat William Lacy Clay voted no. Republican Todd Akin voted no.

Kansas lawmakers cast the same votes on Friday as they did on Monday.

Democratic Rep. Dennis Moore, of Lenexa, was the only lawmaker from the state to support the rescue plan that passed the House on its second tr.

Opposing the measure were Democratic Rep. Nancy Boyda, of Topeka, and Republican Reps. Todd Tiahrt, of the Wichita area, and Jerry Moran, of western Kansas.

Cleaver Issues Statement

Cleaver released the following statement on Friday:

"On Monday, after receiving a bill to authorize $700 billion of taxpayer money, I voted 'no' on the economic rescue package. We only a few hours to digest, discuss and decide on the largest vote we would take this session, if not in our careers. Ninety-nine percent of my constituent calls were urging me to vote 'no.' In fact, I would say there is still an overwhelming majority of callers that are urging a 'no' vote.

"In that context, for a bill that was intended to inspire confidence in our economy in the American public, the chances of success on Monday were slim and not worth rushing.

"And so, this afternoon I entered the House chamber knowing full well that either way I voted would be hard. In fact, if Monday was difficult, today was even harder.

"The truth is, the system worked on Monday. America was uncertain about the need for this giant step, and the House of Representatives reflected that caution.

"I think my vote Monday reflected that caution as well.

"The House is a deliberative body intended to reflect the will of those we serve. In the 14 days prior to the original three-page bill Treasury Secretary Paulson submitted to Congress, the assessment of the economy had gone from fundamentally sound to catastrophically flawed. A $700 billion rescue is not something that should be hurried through. Decisions made in haste are often bemoaned in greater haste.

"In meeting after meeting back home this week people would start by giving me high-fives and 'atta-boys' and the crowd would expect me to cheer my own vote. Instead, I would lay out the dire consequences, the heavy burden and the lose-lose situation we find ourselves in. Each of those meetings would end with people wishing me a somber 'good luck' and 'glad I’m not in your shoes.'

"Here is the situation: Banks simply are not lending money because they do not have money to lend. The gears of our economy have ground to a halt. Kansas City is trying to fund one sewer and water project to the tune of $200 million but cannot get the financing. The Citadel housing project, which I was deeply involved in developing when I was Mayor, is trying to build a shopping center and is struggling to find a lender. I also heard that 800 bridges in Missouri that need repair can’t afford the funding. Half of all the students going to college this fall had difficulty getting the loans they needed to pay for school. The Ford plant at Claycomo has scaled back to one shift on the assembly line because no one can get financed to buy a new car or truck. We have businesses that had trouble making payroll on Tuesday and the jobs report out this morning says we lost more jobs in September than in any month in the last five years. You, I and everyone with a pension or a 401K have lost over one trillion dollars in worth this week.

"Here is where we are at with the bill, which has been foolishly loaded up on the Senate side: The central tenet of the bill remains a plan for the government to buy up bad assets. We have fought to ensure that taxpayers will be the first to profit if and when those assets rise again in value. Essentially, this bill is a loan and taxpayers will be paid back.

"The bill will restrict executive compensation; because foolhardy and reckless CEOs who helped bring on this crisis do not deserve taxpayer-subsidized golden parachutes.

"The Treasury Secretary's spending decisions will be subject to strong independent oversight and judicial review.

"And the bill will help homeowners renegotiate their mortgages, to prevent a further flood of two million projected foreclosures that would devastate our communities.

"After Monday's vote, the Senate added a further provision raising the federal insurance limits on bank accounts from $100,000 to $250,000, protecting more Americans from any potential bank runs. The Senate's decision to add tax cuts is more controversial, because all the cuts are not paid for and those not paid for would add to the deficit.

"However, the bill does provide a much needed provision to renew $18.5 billion in tax credits for power generated from wind, solar and other renewable sources. That tax credit is fully paid for in the bill.

"No one, and I mean absolutely no one, thinks the Senate did America any favors by viewing this bill as a vehicle to include tax packages that are dubious. But Chairman Frank put it well: "If we aren't prepared to accept some of the things we don't like, we will not have the power to deliver for the people we care about."

"I know many of you are upset. But at this point, our outrage over the actions of the Senate need to be placed in the context of families unable to take out a loan to buy an appliance or pay for college; Americans who have worked their whole lives, only to see their retirement accounts threatened; and millions of workers fearing a pink slip they did nothing to earn.

"The globe was holding its breath today and looking west to see if America would act. As President Truman warned, there is a heavy responsibility that comes with leading the free world.

"I know that many of you adamantly disagree with this vote. It will be my job to try to continue to explain its impact on you. I am now convinced beyond any doubt that thousands of jobs in Missouri’s Fifth District, thousands of retirements in Missouri's Fifth District and thousands of homes in Missouri’s Fifth District are tied to the success of this bill. That is why I voted 'yes' today.

"In the end, 263 Members voted to pass the measure and 171 voted against. The President signed the bill shortly after passage. Now let us pray it works."

On The Internet:

  • Read Entire Bailout Bill

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