Burgess says why he voted NO

"My vote today was a vote to protect the American people, which is job one in the Constitution and a responsibility I take very seriously," said Rep. Michael Burgess, R-Lewsivlle. "I cannot in good conscience support a bill that exposes taxpayers to more debt, higher taxes, and untold risk.  Rewarding such reckless behavior is hazardous."

"Senator McCain and House leaders, however, do deserve tremendous credit for moving the original proposal toward one that puts the interests of regular Americans ahead of Wall Street.  This is the point at which we should start discussing the alternative solutions that are out there."

"Ninety-nine percent of the North Texans who have contacted my office have expressed disgust for any proposal that uses $700 billion in taxpayer funds to backstop our financial markets.  I couldn’t agree more."

- Maria Recio

Comments

[JS Jones]

Hurray for those reps courageous enough to say NO to this horrific idea of mugging taxpayers for the irresponsible actions of those on Wall St.! Yes, this is going to be painful, very painful, but we CANNOT reward irresponsibility. Let the free market run it's course and flush out the irresponsible idiots and discourage such nonsense in the future. A bailout just treats the symptoms, not the infection.

[M Ferry]

Why did Dr Burgess support the Medicare Drug plan if he was so worried about reckless spending? The plan doesn't even allow for the government to negotiate drug prices with the pharmaceutical companies. He proudly supported this unfunded mandate that over time makes this bail out look like small marbles. Heck, the financial bail out plan looks like a pretty good deal compared to the drug plan. Dr Burgess and his "conservative" colleagues have spent the last 8 years spending like drunks. Why change now? I am a disappointed conservative.

[G. Wayne]

Our credit markets and ultimately our American economy rely upon confidence. Whether its belief that our financial companies are sound or the faith that our jobs are safe, confidence or lack of, has a far-reaching consequence. Without it, companies and individuals stop spending and eventually the impact trickles down to every area of the economy. The failure to pass a rescue plan was a missed opportunity to soften the blow from the fallout. This problem will have to be addressed some day because it is not going away. The inaction on the rescue plan will no doubt lead to an even higher cost as the trickle down takes more companies down and increases our unemployment rate. You can pay now or pay later but the longer you wait, the higher the cost. That means even higher levels of debt and even higher taxes.

[d. meade]

I find it incredibly arrogant and totally irresponsible to ignore the warnings of the treasury secretary and the fed reserve pres., as well as, almost all knowledgable people in finance. And for readers to say it will be painful but in the long run worth it to let the markets correct are simply not aware of the reality of the financial system. It's painful when it happens to someone else. This do nothing attitude will seriously damage the lives of all Americans and undermine the strength and status of the U.S. for a long time to come.

For Burgess to stand on ideology is absolutely freightening!

I'm reminded of the joke about the man on the roof preying to God to save him, while turning down offers from a man on a raft, a boat, and a helicopter. Finally, in despair the man asked God "why did you forsake me", and God replied, I sent you a raft, a boat, and a helicopter.

Well, what do you think is Bear Stearns, Lehman Bros., Fannie May and Freddie, WaMu, and Wachovia, as well as, numerous institutions in Europe. This is just a warning of what will happen if the credit system does not return to normal. Do nothing is GROSS NEGLIGENCE!!!

[JR]

Burgess did his job. His constituents overwhelmingly said no to this vote and he listened. This is what they are supposed to do. Granger, Hutchison and Cornyn, take notes.

[Neal]

The same Michael Burgess who helped enact legislation that gives states priority highway funding for tollways over freeways. The same Michael Burgess who supports the 121 Tollway and the Trans-Texas Corridor. The same Michael Burgess who believes the solution to I-35 is toll lanes. This guy is no hero.