Here's how N.C. and area members of the U.S. House voted Friday on the $700 billion bailout of financial markets, which passed 263-171. The House had rejected a bailout package but reconsidered one drafted – and passed – by the Senate Wednesday. The new version included tax breaks and projects to garner support. Lisa Zagaroli
VOTED IN FAVOR
Mel Watt, Charlotte Democrat: “The Senate's failure to pay for the cost of these measures concerns me. But we have no choice but to try to address the credit and economic crisis that we are in the middle of. While I would prefer to pay for these measures, I am not provided that option in this bill.”
Sue Myrick, Charlotte Republican: “I think we are in a very, quite frankly, dangerous place relative to the financial situation in the country.”
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John Spratt, York County, S.C., Democrat: “We should bear in mind, $700 billion will be the gross cost. … The net costs should be a lot less.”
Howard Coble, Greensboro Republican: “The limited access to credit, and in many instances, no access to credit can certainly contribute to a crisis. We can put on the blinders and go one way or the other, but this is a bill that must be addressed today.”
Bob Etheridge, Lillington Democrat: “This bill is not the blank check the Bush administration originally proposed. It eliminates golden parachutes and limits compensation for Wall Street executives, provides assistance for struggling homeowners and includes strong oversight and transparency to protect taxpayers' money.”
David Price, Chapel Hill Democrat: “The economy is teetering on the edge of a 1929-style meltdown, and like it or not, we are all in this together.”
Brad Miller, Raleigh Democrat: “There is now real transparency, and vastly improved accountability and oversight. The bill takes pains to shift the ultimate cost to the industry that made the mess, not innocent taxpayers.”
Robin Hayes, Concord Republican: “The bill still contains a troubling provision that allows foreign-based banks or investment firms to have just as much access to U.S. tax dollars as American companies. Over the past few days, I sought to get this provision changed, but it hasn't.”
G.K. Butterfield, Wilson Democrat: “I have the 15th poorest district in the United States. My people are hurting. They didn't contribute to this problem. They are the victims.”
Virginia Foxx, Banner Elk Republican: “This plan does not address the underlying causes of today's financial crisis, it contains billions in pork from the Senate and it puts taxpayers on the hook for Wall Street's bad investment decisions.”
Patrick McHenry, Cherryville Republican: “For American taxpayers, $850 billion is an enormous price to pay for an experimental plan that can not promise market stability or fundamental reforms to avoid future turmoil.”
Mike McIntyre, Lumberton Democrat: “We needed a clean bill that would help American families and small businesses, not foreign investors and foreign banks. We also needed a bill that was not loaded down with extra spending that increases the national debt even more.”
Heath Shuler, Waynesville Democrat: “It still does not address the root problems or make the fundamental reforms to the system needed to prevent this situation from arising again. There is still a crisis of confidence and lack of trust between banks causing this credit crunch.”
Walter Jones, Farmville Republican: “This legislation is a vast expansion of the federal government at the expense of the American taxpayer and the free enterprise system. High-flying Wall Street firms created this problem and got rich in the process. Taxpayers should not have to pick up the tab for their poor business decisions.”
IN THE SENATE WEDNESDAY
Voted in favor: Richard Burr, R-N.C.; Lindsay Graham, R-S.C.
Voted against: Sen. Elizabeth Dole, R-N.C.; Jim DeMint, R-S.C.