“An overwhelming amount of Georgians understand that something has to be done,” U.S. Sen. Saxby Chambliss, R-Moultrie, said Friday. “Alternatives were considered. This is the best way to solve the issue in the short-term.”
U.S. Rep. Sanford Bishop, D-Albany, voted in favor of the measure both times it came up in the House this week. On Monday, he and Rep. Jim Marshall, D-Macon, were the only Georgia representatives who supported the measure. When the revised package approved Wednesday by the Senate came up for a vote Friday, they were joined by Reps. John Lewis, D-Atlanta, and David Scott, D-Atlanta.
Bishop said he would have preferred that Congress had passed the original bill sans the additional $150 billion in “sweeteners” added by the Senate.
“I didn’t take pleasure in voting yes,” the 2nd Congressional District representative said in a statement Friday after the 263-171 House vote. “But in tough times, Congress is required to make tough decisions. Voting for this bill is a risk, yes. But voting against the bill is a greater risk.
“Given the prevailing, dreadful economic trends, a bet that our economy will miraculously right itself on its own, without significant damage to the jobs and livelihoods of the people in my district and across America, is the greater risk I am not willing to take.”
Earlier Friday, Chambliss and Sen. Johnny Isakson, R-Atlanta, stopped over at Southwest Georgia Regional Airport for a brief news conference explaining their support for the $700 billion rescue package.
“We want to make sure Main Street doesn’t suffer from what Wall Street has already suffered,” Isakson said.
The Senate passed with a 74-25 vote a revision of the rescue plan the House rejected 228-205 on Monday. After the House on Friday OK’d the Senate version 263-171 Friday afternoon, President Bush signed it into law.
“I wish the bill we took up today was a cleaner bill,” Bishop said. “I wish we could have passed the bill Monday, and saved our deficit another $150 billion. Many of the provisions added onto this bill, especially relief for middle class taxpayers, are needed, but they add to the bill’s cost. And any other day, I would stand firmly opposed until those costs were offset.”
Provisions such as assurance of government oversight of executive compensation were critical for him to support the package, Chambliss said.
“Provisions inserted over weekend made positive changes,” Chambliss said. “I said I would not vote for it without the confidence it would work.”
Isakson added that Wall Street had already taken a hit hard enough to drive several firms into bankruptcy, and that legislation on the crisis would unlock the clogged credit system.
“We are making sure the Treasury Secretary doesn’t get a blank check,” said Isakson. “We want to be sure someone is looking over their shoulder. Over time, we can grow the economy back to what it was years back.”
Provisions such as assurance of government oversight of executive compensation were critical for him to support the package, Chambliss said.
“Provisions inserted over weekend made positive changes,” Chambliss said. “I said I would not vote for it without the confidence it would work.”
Isakson added that Wall Street had already taken a hit hard enough to drive several firms into bankruptcy, and that legislation on the crisis would unlock the clogged credit system.
“We are making sure the Treasury Secretary doesn’t get a blank check,” said Isakson. “We want to be sure someone is looking over their shoulder. Over time, we can grow the economy back to what it was years back.”
“All confidence in the market was thrown out the window. We can’t let that happen,” Chambliss said. “This bill will provide liquidity to the market which will spread throughout.”
The bill passed Friday will allow the Treasury Secretary to purchase as much as $700 billion in troubled assets, ushering in one of the most far-reaching economic interventions since the Great Depression.
After the conference was over, Dougherty County Republican Party chair Karen Kemp shared a few words about her confidence in Chambliss and Isakson.
“This conference restores my confidence that the senators had a leadership role,” Kemp said. “I’m confident we are on a better path in the economy, and at a better place than we were a week ago.”
Phone calls to the office of Jim Martin, Chambliss’ Democratic opponent in the November election, were not returned Friday afternoon. Martin has criticized Chambliss for supporting the bill.
Bishop said Friday’s action wasn’t the end of the saga.
“In the coming months,” he said, “it is my hope that Congress pours as much or more effort into investigating the financiers whose actions precipitated this crisis and who walked away with millions for themselves, as we have put into crafting this bill. It is also my hope we can repair the damage done the deficit.”
