Published: October 03, 2008 02:48 pm            

Georgia’s Republican House members vote against bailout

Submitted by the office of Rep. Phil Gingrey



Georgia’s Republican House members released the following statement after unanimously voting against the $700 billion bailout bill:

“These are challenging times for our country — citizens everywhere recognize that our economy is in peril. We have the largest and the most complex economy in the world, and we must approach this crisis with an eye toward the consequences of acting incorrectly. What we do here will have a lasting impact on the course of our nation now and for future generations — so we have an obligation not just to get this done quickly but to get it done right.

“We concluded this bill didn’t pass the test when it came to doing it right. We’re thankful the economic rescue portion of today’s legislation is markedly improved from Secretary Paulson’s initial request, thanks to Sen. John McCain and other conservative leaders. Nevertheless, we remain deeply concerned that today’s action could drastically and permanently enlarge the federal government’s role in our capitalist economy.

“We are not convinced that this legislation is the best answer for hard-working taxpayers. We cannot preserve our free market economy by sacrificing the very principles that underlie it. Over the past week, we have heard loud and clear from many of the almost 5 million Georgians that we represent -- and they are not convinced that this approach is the right one. They want to preserve our financial system, but demand that we think more about the taxpayer in developing the solution.

“We agree that something must be done. As a delegation, we have fought for constructive improvements and common sense, free market alternatives. We fully recognize that inaction is not an option. We have advocated for:

"1) Taxpayer protections to ensure our citizens are not indebted by multi-billion dollar commitments.

"2) Private participation and market alternatives so those who caused this problem can be a part of the solution.

"3) A viable exit strategy so we do not burden future generations with a massive and lasting bureaucracy.

“We wanted a ‘workout,’ not a ‘bailout.’ This is the direction that should have been taken, for the sake of taxpayers and future generations.”

        

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