Financial Rescue Bill: Local Lawmakers Vote
Members of Sacramento’s Congressional delegation voted in favor of the new financial rescue bill. Among them is GOP Representative Dan Lungren, who opposed the original version of the bill on Monday.
Friday, October 3, 2008
Lungren said he talked to people back home at hospitals, banks, even car dealerships. Lungren also heard from the Governor, who said California may have difficulty floating seven billion dollars in short-term loans to cover expenses.
“I can't recall when that ever happened before and the reason is to be the squeeze on the credit market. That ought to bring us some pause here.”
Despite opposition from those who thought of this rescue plan as a bailout, Congresswoman Doris Matsui also supported the bill. She says she heard from scores of constituents struggling and angry over the risky investments that are hurting taxpayers. She feared inaction would further devastate the economy.
“Small businesses will have a difficult time making payroll to pay their employees. Hard-working Americans will see their savings and retirement funds diminish. Americans will have a difficult time buying a home, sending their children to college or just making ends meet.”
Republican Wally Herger and Democrat Gerald McNerney also supported the bill. Some critics who opposed the bill say it was full of pork.