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GRAHAM PRAISES HOUSE PASSAGE OF FINANCIAL RESCUE PLAN

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made this statement after the U.S. House of Representatives passed the financial rescue plan.  The legislation will now be sent to President Bush for his signature.

He said:

“The South Carolina House delegation spoke with one voice and represented the needs of Main Street.  If Congress had failed to act, it would have had a negative impact on every day working people and small business in our state. 

“Unity on a matter this controversial is hard to find and it’s unusual to see all six members on the same page.  I believe the overwhelming vote shows the seriousness of the problem.  We are hearing from every corner of the state about the drying up of credit and the real, negative economic impact this is having on Main Street. 

“None of us wanted to be in this situation but we are doing what South Carolinians expect of us and rising to meet the serious economic challenge facing our nation.

“The legislation is not perfect, but it does provide a workable solution to help prevent what would have been the imminent financial collapse of banks and lending institutions.  For the common good, we found a solution to this problem before more people lost their homes, businesses shut their doors, college dreams were dashed, and additional jobs were lost.   

“Our nation’s economy still faces troubled waters ahead and a full economic recovery remains a ways off.  This plan will provide tools to help navigate the economic troubles that lie ahead.”

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