The plan that was before us would have put $700 billion in taxpayer funding on the line to bail out Wall Street financial firms, fundamentally altered free market decision making, let bad actors off the hook and created a massive new bureaucracy with no guarantee of success. For these reasons I could not vote in favor of this plan.– Rob Wittman
So read Virginia Congressman Rob Wittman’s statement about his decision to vote against a $700 billion rescue of the financial industry. The bill was rejected by the House of Representative by a 228 to 205 vote.
Wittman was one of 133 Republicans and 95 Democrats in opposition to the bill. Stock markets dropped dramatically upon hearing the news of the bill’s defeat.
“My two main priorities for any plan are to most wisely protect the taxpayer and to protect the value of retirement accounts, homes and savings,” said Wittman in his statement.
The Congressman also stated that he had heard from over 2000 constituents in the First District, “with an overwhelming majority voicing opposition to this recovery plan.”
“Many of you expressed a need for Congress to act, but felt that this plan was not the right course of action. With that in mind I have offered that Congress should not adjourn and should stay in Washington to get the right plan for economic recovery.”