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Posted: 11:27 PM Oct 4, 2008
Local Voters, Congressional Leader React to Rescue Plan
WTAP News President Bush signed the $700 billion financial rescue plan that Congress voted into law Friday. Voters across the nation have been calling and writing legislators about what they think should be done and we spoke with one of our local representatives about it.
Reporter: Leslie Cebula Email Address: leslie.cebula@wtap.com |
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President Bush signed the $700 billion financial rescue plan that Congress voted into law Friday.
Voters across the nation and locally have been calling and writing legislators about what they think should be done.
"I just flew home from there yesterday afternoon late after probably the most important vote I'll ever make in my life," said Charlie Wilson
Congressman, D-OH (6th).
Congressman Wilson voted yes to the $700 billion rescue plan Friday that gives the goverment the authority to buy toxic mortgage-related investments and other distressed assets.
At the Lions Club Apple Butter Stir Off in Belpre, James Jordan said he understands why Congress and the President approved the legislation but he'd rather see that money come back here.
"We could certainly use that money for schools and job creation in the area," said Jordan.
Many of Wilson's constituents told him they didn't want him to vote for the plan, especially before the bill failed in the House Monday and the stock market plunged.
"People thought it was a $700 billion dollar loan, that's the cap," said Congressman Wilson.
Wilson said the first $350 billion can be dispursed immediately but the next half will require Congressional approval.
"I don't think we can take the chance of not supporting America in a very difficult time," he said.
But it's the price tag that made some republicans vote against the plan.
Sot: Rep. Steven latourette r-ohio "Cut the pork!" said Rep. Steven Latourette R-OH (16th).
Some Washington County residents said Saturday that even though the legislation isn't perfect, something needed to be done.
"I think right now a lot of people are just scared and I think the legislative branch is doing their best to take away that fear and say we have a plan," said Meridith Miller, an Ohio Valley Univeristy student and Belpre native.
"This plan was needed not just to help the stock market but to keep things moving in the economy," said Jordan.
Wilson also said the bill isn't perfect but it is necessary to get credit flowing again. Plus he said the tax ramifications from it will benefit thousands of Ohioans.
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