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October 3, 2008
Bailout bill passes House, LaTourette opposes
U.S. Rep. Steven C. LaTourette (R-OH) today voted against the Senate version of a $700 billion bailout bill, arguing that it was too expensive, there was no factual basis for its $700 billion price tag and it had been larded up with unnecessary pork in the Senate. The measure passed by a vote of 263-171 and will be signed into law. More than 50 Members who voted “no” on Monday changed their votes today to support the bill.
LaTourette said he sought to find a way to support today’s bill, and believed after he voted against it Monday the House would be presented with an improved bill later in the week. He said he was pleased by many of the improvements made in the Senate, including increasing the FDIC insurance limit on deposits to $250,000 from $100,000. He also said he had no objections to many of the tax extender provisions added by the Senate, including those to help small business and to fix the alternative minimum tax, which hurts middle income Americans.
He said he found it very tough to stomach the pork and pet projects slipped into bill at the 11th Hour by the Senate, however, and was dismayed that Leaders of both parties had no interest in stripping them out or even trying to reduce the bill’s price tag.
“It’s unbelievable that the Senate chose greed at a time of crisis,” LaTourette said.
LaTourette said his constituents are right to be concerned about the cost of the bill and have every reason to be outraged by the pork and pet projects slipped into the bill by the Senate. He said more than 3,500 adjustable rate mortgages will adjust upward this year in Mentor alone.
“People in Mentor and in every community in my district are sitting at their kitchen tables wondering how they’re going to come up with $300 or $500 this month to save their home, and they’re scared to death to look at the 401Ks and wonder if they’re going to be able to send their kids to college,” LaTourette said. “And we’re giving hundreds of millions of dollars for rum and toy arrow makers? It’s unbelievable.”
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