Comments Of
Senator Patrick Leahy
About The Bailout
Package
Defeated Monday In
The House Of Representatives
Monday, September
29, 2008
From the start,
the Bush-Paulson plan smacked too much of the top-down fiscal policy
that has gone so wrong over the last decade. Our concern
should be about how the credit crisis threatens ordinary Americans
and we should not wring our hands if inept CEOs lose their jobs or
their golden parachutes. Vermonters are worried about
tightening credit that would erode the value of their homes and
squeeze their businesses, farms and families. The spectacle of
our having to fight to make commonsense improvements in this package
has understandably fueled public skepticism about it.
The public’s lack
of confidence in this administration has come home to roost in the
vote against this bailout plan. An administration that
squandered record surpluses and turned them into record deficits and
debt does not have much credibility left. Apparently even many
in the President’s own party have now come to agree with those of us
who have long felt that ‘trust me’ is not enough when this White
House asks for sweeping new powers.
I worked in good
faith to fix some of the shortcomings, and this plan does include my
amendment to restore judicial review. Incredibly, the
Bush-Paulson plan had specifically deleted this kind of basic
accountability. But that has not erased my concerns about this
package.
Congress should
not go home without addressing the credit crisis, and the President
needs to work with Congress on a proposal that can earn the public’s
confidence.
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