Congressman Davis Expresses Concerns About Bailout Bill

Press Release

Congressman Artur Davis released the following statement today regarding ongoing negotiations of the "bailout bill:"

"Like many Alabamians, I have been disappointed that the negotiations over the proposed financial recovery package have dissolved into partisan bickering. There is enough blame to go around: President Bush and Treasury Secretary Paulson were too quick to propose a solution without obtaining advance input from either Democrats or Republicans; instead of offering constructive ideas, some congressional Republicans have used this crisis to propose an expensive new round of tax cuts for corporate America, an outlandish strategy which has nothing to do with the credit crunch facing our businesses. Finally, some Democrats have seen the last few days as a chance to pillory John McCain, which may have cost this package votes it desperately needs.

"I have not yet decided how I will vote, but I have serious reservations. I am concerned that the structure of this plan could simply reward faulty investment decisions by some companies. I also fear that this plan is way too vague in its promise of help for homeowners, many of whom wonder why government is intervening to help corporate entities but not foreclosure victims. Finally, the expense of this plan is a massive commitment that could explode our already substantial deficit.

"Because I am convinced that doing nothing is not an option, I hope that Democrats and Republicans can find a common ground this weekend. Our whole economy is tied to our capital markets, and our economic security demands that we get this solution right."

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