Will Congress Pass a Bailout Plan?
CBNNews.com
October 1, 2008
CBNNews.com - Since the first bill did not pass, what will it take for Congress to approve a rescue package?
CBN News spoke by phone today with two Republicans who voted against the plan. Reps. Joe Barton of Texas and J. Gresham Barrett of South Carolina talked about changes they want to see.
For more insight, click play to hear from Ryan Ellis, with Americans for Tax Reform.
"The bill that was up was up was not a very good bill. It didn't have a way to pay for it. It didn't have a lot of accountability," Barton said. "It gave the treasury secretary too much authority that was not properly overseen. It would have raised the national debt a trillion-and-a-half dollars, which is just unconscionable."
"We all understand Republicans and Democrats something has to be done, this bill yesterday was a resounding "no" because people understood that this is not the way that we do it," Barret said.
"There is a movement a foot right now. They're working on. this bill, and there will be something that will happen that will bring security, that will bring stability to the markets and the way we want to do it is to make sure that that is done without leaving the taxpayer on the hook."
More than a third of House Democrats also voted against the bill.
One of the opponents, Rep. Hank Johnson of Georgia, said it was an easy decision, even though the Dow took a tumble Monday.
"The stock market goes up, the stock market goes down. That's not something that I am particularly concerned with," Johnson told ABC News.
"I believe that the market will get over this initial shock that the corporate bailout plan did not go through, and that it will recover," he said.
*Original broadcast September 30, 2008.
CBN IS HERE FOR YOU!
Are you seeking answers in life? Are you hurting?
Are you facing a difficult situation?
A caring friend will be there to pray with you in your time of need.
