Two La. GOP congressmen switch, back bailout
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WASHINGTON — Two Louisiana Republicans switched their votes Friday to help pass a $700 billion rescue bill for the country’s financial industry and jumped on a wave of overwhelming support for the measure.
The House voted 263-171 to pass the bill. On Monday, an earlier bill failed by a vote of 228-205, meaning that 58 House members switched their vote on Friday. Supporters of the measure needed 12 members to switch.
One was U.S. Rep. Rodney Alexander. The Quitman Republican reasoned that changes the Senate made to the bill later in the week were significant enough to sway original opposition.
Alexander liked the Senate raising the ceiling for banks to protect individual accounts from $100,000 to $250,000. He also pointed to a fix in the alternative minimum tax, a levy intended for the wealthy but whose income thresholds have not been altered to exclude middle-class taxpayers.
“We had a lot of business owners call and everyone agrees that something needs to be done,” Alexander said after casting his vote. “This agreement needed to be done. We hope it works.”
The other Louisiana member to switch was U.S. Rep. Charles Boustany. The Lafayette Republican said that the legislation included enough safeguards to ensure the money would be wisely spent, he said.
“While not perfect, this is a better bill that will help southwest Louisiana keeps jobs,” Boustany said in a statement.
U.S. Rep. Charlie Melancon, D-Napoleonville, and U.S. Rep. Jim McCrery, R-Shreveport, voted for the bill Monday and backed the legislation again on Friday. U.S. Rep. Don Cazayoux, D-New Roads, joined U.S. Rep. Steve Scalise, R-Metairie, and U.S. Rep. William Jefferson, D-New Orleans, in maintaining their opposition to the measure.
Scalise was part of a conservative Republican bloc that remained opposed to the bill. Instead of taxpayers buying up bad assets of financial institution, Scalise contended that incentives should have been made to help private companies assume the buyouts.
“Now we’ll see what the real ramifications are,” Scalise said of the passage. “I hope it does what they say it will do.”
Calling it a tough vote, Cazayoux held firm that the bill costs too much for U.S. taxpayers.
“It is my firm belief that giving Wall Street $700 billion in taxpayer money is not the right way to solve the fundamental changes facing our economy and financial markets,” Cazayoux said in a statement. “I was hopeful that the new compromise bill would have a smaller price tag with less taxpayer liability, but it did not.”
The House voted 263-171 to pass the bill. On Monday, an earlier bill failed by a vote of 228-205, meaning that 58 House members switched their vote on Friday. Supporters of the measure needed 12 members to switch.
One was U.S. Rep. Rodney Alexander. The Quitman Republican reasoned that changes the Senate made to the bill later in the week were significant enough to sway original opposition.
Alexander liked the Senate raising the ceiling for banks to protect individual accounts from $100,000 to $250,000. He also pointed to a fix in the alternative minimum tax, a levy intended for the wealthy but whose income thresholds have not been altered to exclude middle-class taxpayers.
“We had a lot of business owners call and everyone agrees that something needs to be done,” Alexander said after casting his vote. “This agreement needed to be done. We hope it works.”
The other Louisiana member to switch was U.S. Rep. Charles Boustany. The Lafayette Republican said that the legislation included enough safeguards to ensure the money would be wisely spent, he said.
“While not perfect, this is a better bill that will help southwest Louisiana keeps jobs,” Boustany said in a statement.
U.S. Rep. Charlie Melancon, D-Napoleonville, and U.S. Rep. Jim McCrery, R-Shreveport, voted for the bill Monday and backed the legislation again on Friday. U.S. Rep. Don Cazayoux, D-New Roads, joined U.S. Rep. Steve Scalise, R-Metairie, and U.S. Rep. William Jefferson, D-New Orleans, in maintaining their opposition to the measure.
Scalise was part of a conservative Republican bloc that remained opposed to the bill. Instead of taxpayers buying up bad assets of financial institution, Scalise contended that incentives should have been made to help private companies assume the buyouts.
“Now we’ll see what the real ramifications are,” Scalise said of the passage. “I hope it does what they say it will do.”
Calling it a tough vote, Cazayoux held firm that the bill costs too much for U.S. taxpayers.
“It is my firm belief that giving Wall Street $700 billion in taxpayer money is not the right way to solve the fundamental changes facing our economy and financial markets,” Cazayoux said in a statement. “I was hopeful that the new compromise bill would have a smaller price tag with less taxpayer liability, but it did not.”
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