Shelby, Sessions to oppose new version of $700 billion economic rescue plan tonight
Posted by Mary Orndorff, David White -- Birmingham News October 01, 2008 3:33 PM
WASHINGTON - Sen. Jeff Sessions said he'll vote against the $700 billion bailout of the financial industry tonight because it was cobbled together too quickly without enough public input and leaves too many questions unanswered.
"The Secretary of the Treasury came to Congress with his plan, he threatened us that if we don't pass it there will be dire consequences, and pretty much, with some retrenchment of his ideas, he's gotten what he wanted," the Alabama Republican said in an interview today at the Capitol.
Even changes to the bill that was defeated Monday in the U.S. House were not enough to win Sessions' support.
"(Treasury Secretary Henry Paulson Jr.) hasn't explained precisely what factors he will use in deciding who he will buy the poisoned assets from and who he won't," said Sessions.
Sessions said he believed the threat of an economic crisis is legitimate, but that the Bush administration's plan is too "Wall Street-centric."
Also Wednesday afternoon, the phones were ringing nonstop in the office of Sen. Richard Shelby, R-Ala. Both senators' offices say calls from constituents are overwhelmingly urging them to vote against the legislation.
Shelby, the top Republican on the Senate banking committee, did not participate in negotiations on the bailout and has called Paulson's proposal "fundamentally flawed." He will also vote "no" tonight.
Posted by Mary Orndorff, David White -- Birmingham News October 01, 2008 3:33 PM
WASHINGTON - Sen. Jeff Sessions said he'll vote against the $700 billion bailout of the financial industry tonight because it was cobbled together too quickly without enough public input and leaves too many questions unanswered.
"The Secretary of the Treasury came to Congress with his plan, he threatened us that if we don't pass it there will be dire consequences, and pretty much, with some retrenchment of his ideas, he's gotten what he wanted," the Alabama Republican said in an interview today at the Capitol.
Even changes to the bill that was defeated Monday in the U.S. House were not enough to win Sessions' support.
"(Treasury Secretary Henry Paulson Jr.) hasn't explained precisely what factors he will use in deciding who he will buy the poisoned assets from and who he won't," said Sessions.
Sessions said he believed the threat of an economic crisis is legitimate, but that the Bush administration's plan is too "Wall Street-centric."
Also Wednesday afternoon, the phones were ringing nonstop in the office of Sen. Richard Shelby, R-Ala. Both senators' offices say calls from constituents are overwhelmingly urging them to vote against the legislation.
Shelby, the top Republican on the Senate banking committee, did not participate in negotiations on the bailout and has called Paulson's proposal "fundamentally flawed." He will also vote "no" tonight.