Wednesday, October 1, 2008

Senator Inhofe Votes No

The Senate just voted on the bailout, and I voted no.

After spending time in Oklahoma meeting with my constituents, local business leaders, and elected officials, I could not, in good conscience, vote to approve a massive taxpayer-funded rescue plan that was so hastily crafted.

Too little time was allowed for reading and comprehension of this bill. Insufficient time was allowed for proper discussion and debate on a bill with a $700 billion price tag. $700 billion dollars of your taxpayer money.

Certainly our nation faces a financial markets crisis that requires action. Unfortunately, it remains unclear if this bill is the right action. I believe it is much more important to get it right than to rush it through.

My vote tonight was against the Paulson plan, not against taking extraordinary action to provide necessary confidence to financial markets. The plan before us would have bureaucrats in Washington attempt to do what the experts on Wall Street can't do - value troubled assets.
From the very beginning, it was the Paulson plan or no plan. It is Congress's duty to examine its options, deliberate, come to a decision that has the support of America, and act. I regret we were not allowed to do that.

Jim Inhofe

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