Mcnerney: Today's Vote Was About Protecting Ordinary Americans

Statement

MCNERNEY: TODAY'S VOTE WAS ABOUT PROTECTING ORDINARY AMERICANS

Today, Congressman Jerry McNerney (CA-11) cast a vote in favor of the economic recovery package. Below is his statement explaining the vote.

"Today, the House of Representatives took a historic vote. The result is that the President's economic recovery package was rejected.

"This vote was as difficult and as heart wrenching as any I have taken in my two years in office. Many of my colleagues and I have felt angry and frustrated that the lax regulation of the current Administration and its supporters in Congress over the last eight years has put our nation in a deep financial crisis. Fixing the immediate fiscal problems and correcting the lack of oversight requires strong leadership from Washington. Unfortunately, the President has such low credibility that even members of his own party are unable to support his proposed measures to stabilize the market.

"I voted to pass the economic recovery package because indications are that the economy faces the serious risk of meltdown, which would put the jobs, savings, and homes of so many Americans, and especially people who live in my Congressional district, at risk. I could not, in good conscience, vote against what appears to be the only plan available to stabilize the economy.

"Today's vote was not about bailing out Wall Street, it was about protecting ordinary Americans and preventing the gears of economy from seizing up. If credit markets freeze, it means families won't be able to take out basic home and car loans, students won't be able to get affordable college loans, small businesses won't be able to make their payrolls, and credit card interest rates will soar.

"Although far from perfect, the plan had many provisions which I felt justified its passage, including: protection of American taxpayers, assistance for families facing the prospect of foreclosure, and limits on executive pay. Unfortunately, the Administration's actions added to the instability of the market.

"I clearly understand and sympathize with my colleagues who voted against the bill and with my constituents who called or emailed to voice their displeasure with the plan, but despite potential political repercussions, I took the most responsible position and voted for passage.

"I now hope that the Congress will again come together and work out a better plan that can muster the support of the majority of Congress and get our country on the path to economic recovery."

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