Washington, D.C. -  U.S. Rep. Timothy Johnson released the following statement today after voting no on the Wall Street financial bailout proposal.

"Whichever way I would have voted on this legislation would have angered many of my friends and supporters as well as opponents. I cannot remember a vote more closely scrutinized, nor one with potentially more impact on my constituents' lives.

"I know many people have taken a hit in their hard-earned savings due to the ineptitude and greed stretching from Wall Street to Pennsylvania Avenue. I have too. There is no question that corrections are needed and this bill made some important progress. It is better because the American people’s voices were heard, because our leaders stepped back and took the time to craft a more responsible approach.

"The bottom line, however, is that it still has a long way to go and I resent the rush to judgment that our leaders are forcing us to make. Let’s not forget this is a $700 billion risk, a toss of the dice. I am not willing to gamble taxpayer money, or our children’s and grandchildren’s money, on a bet that rewards the very people and institutions that got us into this mess.

"This bill raises the national debt ceiling to $11.3 trillion, with no guarantees. It includes so-called fixes that are unrelated to increasing liquidity in the markets, such as raising the threshold on FDIC-insured accounts, a measure that will only cost consumers more in bank fees. Perhaps most offensive is the addition of some $180 billion in special-interest tax breaks that have nothing to do with the credit crunch.

"I simply cannot support expenditures of this magnitude that are patched together in haste, that are laden with special-interest sweeteners to attract votes because the package cannot stand on its merits. As stewards of the people’s resources, we are morally obligated to do better.

"I believe government does have a role in this process and shares responsibility for this crisis. I believe we must restore confidence and accountability. But the collapse of Wall Street doesn’t have to mean the collapse of personal responsibility. We are in this mess because people in privileged positions made unwise, risky decisions. I will not be part of the same mistake."

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