Rep. Joe Barton, R-Arlington, a leader in the opposition to the original Treasury Department bailout bill, made no bones about why the compromise bill was still not good enough for him.
“I voted against the Emergency Economic Stabilization Act of 2008 because it violated the views and the interests of the Texans who sent me here to represent their views and their interests," said Barton.
“I’m a conservative. I know that more freedom and more opportunity built America, not more government, more spending and more debt. Most of the people of the 6th Congressional District of Texas know that even better than I do because they live it every day. Today I was asked to bend my beliefs, forget my promises and ignore my people, and I said no. My fellow Republicans joined me voting against this massive bailout by a 2 to 1 margin."
“This was no easy vote," Barton continued. "The compromise bill wasn’t all bad, but in its final version, it failed to give taxpayers the protection they deserve. Republicans worked very hard to improve the bailout plan by including more taxpayer protections than previous plans and eliminating the money grab by liberal social welfare programs. There are other things we can do to fix this financial crisis – things that won’t cost taxpayers hundreds of billions of dollars. Ideas we could pursue include forcing the people being bailed out to bear a majority of the costs, eliminating the capital gains tax for three years to encourage economic growth and suspending mandatory mark to market accounting rules.
-- Maria Recio