"Despite flaws with bill, we must act to avert financial crisis. This Legislation would stabilize financial markets, guarantee taxpayers are repaid in full. ", Congressman Allen Boyd
Despite disapproval and serious misgivings with the changes made by the Senate, Congressman Allen Boyd (D-North Florida) today voted for the Economic Rescue Plan (HR 1424) in the House of Representatives in order to avert a financial crisis, stabilize the financial markets, and protect the American taxpayers. Earlier this week, the Senate added $152 billion in tax relief to the rescue plan, of which $110 billion was not paid for and must be borrowed.
"Not paying for our priorities is a large part of what got us in this financial mess in the first place," said Congressman Boyd. "Instead of working to make a better bill, the Senate has made our financial situation even worse. It defies all logic that the Senate would effectively compound our financial problems in a bill that is meant to avert a financial crisis. This bill – possibly the most important bill that many in Congress, including myself, will ever have to vote on – deserved to be considered on its own merit and should not have been loaded down with other priorities. Unfortunately, the Senate did not give us that choice."
"While I am extremely displeased with the Senate’s fiscal irresponsibility, our financial and economic outlook has not changed – we are still staring down a disastrous financial situation that requires action," Boyd said. "The intent of this financial rescue plan is not to bail out Wall Street; it is to protect the regular folks and businesses in North Florida and around the country that depend on loans and lines of credit from banks. If we experience a financial meltdown, we will not have access to home, car, and student loans, regardless of whether we invest and even if we have not made bad decisions in our own personal finances. That is an unacceptable situation and one that would crush the American Dream."
Mark Mulligan Opposes "Bailout" Legislation
"The market will correct itself".
Boyd’s Republican opponent, Mark Mulligan, said he opposes what he called "the bailout," saying the market will correct itself if left to investors outside government.
"Bigger government is not a solution to the crisis on Wall Street and can only lead to more problems," he said. "It appears that through this legislation, more power has been granted to the people who caused the problem to occur in the first place."
Many oppose this legislation because of the excessive "pork" the Senate attached to the final bill in order to entice specific Senators and Congressmen to vote passage. Others feel this approach favors the greedy executives of Wall Street and does not properly approach the needs of the general public.