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Allard Statement on Emergency Economic Stabilization Act Vote

Location: Washington, DC


U.S. Sen. Wayne Allard (R-Colo.), a member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, made the following statement tonight after the vote of the Emergency Economic Stabilization Act in the U.S. Senate:

"In considering proposals to stabilize the economy, taxpayers have always been my top priority," said Allard. "In creating this $700 billion package, Congress held no hearings, nor did it use a process to provide a reasonable assurance that this proposal would even work. I am unwilling to leave a huge legacy of debt for generations to come without confidence that it would be worth the price."

"I have always believed that the government should live within its means and thus have opposed increasing the federal debt limit. The bill before Congress would increase the national debt to a whopping $11.3 trillion. I believe that Congress can find a way to unfreeze the credit markets without unfairly penalizing American families for the greed and mismanagement on Wall Street."

"I have seen no evidence that the Emergency Economic Stabilization Act is in the best long term interests of taxpayers and the economy, and I also strongly oppose the additional spending provisions rolled into the bill," continued Allard. "We shouldn't spend this kind of taxpayer money on assumptions and guesswork."

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