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| Woolsey Rejects Bailout Package | | September 29, 2008 | |
| Washington, DC – Congresswoman Lynn Woolsey (D-CA) today joined a majority in the House of Representatives in voting to defeat a $700 billion economic bailout package. The legislation was defeated by a vote of 228-205. Woolsey’s statement on today’s vote, as issued from the House floor, is below:
“There are some major questions, Madame Speaker, to be answered by a bailout package that fails to address the root cause of the financial crisis facing our Nation - one that does little or nothing to secure the underlying problem of mortgage foreclosures, and economic suffering that hardworking Americans are facing every single day.
“Question one: Where is the comprehensive economic stimulus package that will assist 95 percent of the taxpayers - a package that includes unemployment benefits, food stamps, infrastructure investment, and of course, foreclosure relief? Stability should come from the bottom up. We need an economic package that will allow those in foreclosure to pay their mortgages and stay in their homes, bringing value back to the mortgage-backed securities that are clogging the financial system.
“Why isn’t Wall Street paying for the mess they created? By reinstating a one quarter of 1 percent surcharge on stock trades, we could raise nearly $150 billion a year from those who have actually caused this mess and profited from it.
“Finally, question three: With only 3 months left of this current Administration, why are we willing to even make available $700 billion to them? President Bush and Secretary Paulson have been wrong from the start on just about everything. If you think they will be responsible with this money, think again.” |
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