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Views may be Shifting on Rescue Plan

By Chris Casteel

October 1, 2008

WASHINGTON — Oklahoma House members continued to receive a heavy volume of phone calls Tuesday about rescuing the nation's financial system, though virulent opposition to the Bush administration's plan has been tempered by concern about the economy.

One day after the House rejected a $700 billion proposal, the three Oklahomans who voted against the plan were open to supporting some sort of rescue. But they declined to be specific about what elements could sway them.

Alex Weintz, a spokesman for Rep. Mary Fallin, R-Oklahoma City, said Fallin is "deeply concerned about the economic crisis and believes that the federal government must act to stabilize the financial markets, but not at the expense of basic principles like common-sense, financial discipline and individual responsibility.”

And Leslie Shedd, press secretary for Rep. Frank Lucas, R-Cheyenne, said the congressman is soliciting opinions from his constituents and will huddle with his colleagues when he returns to Washington on Thursday to examine any new proposals.

People worried about what's next
Rep. Tom Cole, R-Moore, who voted for the bailout, said Tuesday that calls to his office last week had been running 13 to 1 against the plan proposed by Treasury Secretary Henry M. Paulson Jr. Since the vote, he said, his office has received between 300 and 400 calls, with about 60 percent opposed.

"I think people are a little worried about what's next, even people who are still against the bill,” Cole said.

Cole said he favors a proposal suggested by House Republicans last week to raise the amount of bank deposits insured by the FDIC from $100,000 to $250,000. The proposal was touted by both presidential candidates Tuesday as a way of assuring small businesses that their deposits are safe.

House Republicans were able to improve the original plan but there still is work to be done, said Rep. John Sullivan, R-Tulsa. Fallin wants more "market-based reforms” with less risk to taxpayers.

Calls leveling out
Shedd said calls to Lucas' office were still tilted toward opposition but had "leveled out more.”

And Cole Perryman, press secretary to Rep. Dan Boren, D-Muskogee, who voted for the bill on Monday, said Boren's office got "quite a few calls of support. There are still some people who are upset about the bailout but not nearly as many as last week or earlier this week.”

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