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Vitter and Landrieu vote no on bailout
06:37 AM CDT on Thursday, October 2, 2008
While the bailout bill passed through the Senate and headed for the House, both of Louisiana's senators stood against the $700 billion package and voted against it. Their votes, however, made little impact, as they ended up in the minority as the measure passed 74-25.
(AP Photo/Dennis Cook)
Sen. Mary Landrieu, D-La., center, discusses funding for hurricane protection levees during a Capitol Hill news conference, Tuesday, April 4, 2006. From left are: Sen. David Vitter, R-La., Rep. Charlie Melancon, D-La., Landrieu and Louisiana Gov. Kathleen Blanco.
There was little suspense in how Sen. David Vitter would vote. He released a statement before the vote, saying that he would vote against the bailout. “After listening to many people I deeply respect – including thousands of hard-working Louisianans – I will – I must – vote no.”
Vitter acknowledged the need for action, saying, “I won’t vote no because I don’t think we face very serious economic challenges. We do. Credit is drying up. And that presents a real threat to average Americans.”
Vitter said he felt the current bill was flawed by bias and bureaucracy.
While Vitter has made his decision known, Sen. Mary Landrieu was still undecided earlier in the afternoon, according to her Press Secretary Stephanie Allen, but Landrieu hinted that she would vote against it. Allen said Landrieu was skeptical of the current design of the bailout.
"We need to make sure that any bill Congress passes not only protects Wall Street, but communities throughout the country, including rural communities, hard hit by these latest disasters,” said Landrieu Monday when the House defeated the first bailout bill. “I hope we can now slow down and craft a responsible piece of legislation that addresses the concerns of the average citizen who will ultimately foot the bill for this bailout."
Average Americans, Vitter said, should not be penalized or punished for the mistakes of politicians and lenders who helped to create the current crisis which is being felt by many across the country.
“We need to minimize the pain on average Americans who did nothing wrong, not wipe it away from politicians, lenders, and yes, some borrowers who did plenty wrong, who were plenty irresponsible,” he said.
He added that he was voting against the bill because it lacked real reform, such as breaking up Freddie Mac and Fannie Mae, “demanding real money down for all home purchases, and establishing aggressive, pro-growth tax and economic policy.” He said that none of this is included the current incarnation of the bill.
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