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Abercrombie and Hirono hesitant to OK big bailout

HONOLULU -- With a crucial vote expected this morning in the U.S. House of Representatives on the $700 billion government bailout of the financial industry, Hawaii's two members expressed hesitancy in supporting the bill.
"I'm very skeptical about this bill," said U.S. Rep. Neil Abercrombie in a phone interview yesterday from Washington, D.C., after the Bush administration and Congress reached a tentative agreement early yesterday. "There's a lot of good intention, but the fundamental mistake is trying to take a bad bill and make it better. The first bill comes from people that caused this crisis in the first place. I think what we needed to do and what we should do is explore the alternatives."

Abercrombie said he is doubtful the bill, which gives substantial power to U.S. Treasury Secretary Henry Paulson, would benefit taxpayers or ensure that Wall Street greed doesn't create another meltdown.

U.S. Rep. Mazie Hirono also declined to say she whether would vote for the bill.

"I want to make sure that this bill provides adequate oversight, protection for the taxpayer, limits on executive compensation and assistance to homeowners," Hirono said in a written statement. "I will continue to study the legislation before making a final decision on my vote."

Abercrombie had originally wanted to go back to his constituents and get feedback before voting on the bill, but leaders in the White House and Congress are pushing for a quick decision.

"There's no way I could vet this with people as I promised I would do," Abercrombie said, adding that he wished he had at least three days before voting on the bill. "I'll read the bill again, see whether my initial analysis is correct. If I don't think it's going to benefit the taxpayer or rein in the process on Wall Street ... then I won't be voting for it."

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