| Washington, D.C.—U.S. Congressman Steve King voted no on the Wall Street Bailout, H.R. 1424. This legislation is essentially identical to the bailout that failed in the House on Monday with an added tax on energy and another tax bill rolled into the package. The tab that taxpayers are facing in this bailout grew to 1.9 trillion after the Senate added $100 billion in tax earmarks to try to attract votes. The bill also included increased FDIC coverage limits. King voted no on the bailout when it failed on Monday and voted no again today.
“We face a serious financial crisis. We must act to bring long-term stability to the financial markets. Doing “something” is not enough; we must do the right thing. A big government spending solution doesn’t fix the problem and puts the taxpayers on the hook for 1.9 trillion dollars. I believe in personal responsibility, not Wall Street bailouts,” said King.
Earlier today King introduced the RESCUE Act 2008(Reliable Economic Stabilization Capital Utilization and Enterprise Reform Act of 2008) as a free market alternative to the taxpayer funded bailout.
“America is going through a tough time right now and it will get harder before it gets better. But, we know that the strength of America’s economy is in our free market system. We can act to address this crisis in a way that does not sacrifice our freedom as Americans. We can weather this storm if we stay true to our principles and work for a free market solution to address the financial crisis,” said King.
“There were a few good things in the tax bill they added in an attempt to attract some support, like the biodiesel and wind energy tax credits and the disaster money for the Iowa floods, but since this bill doesn’t address the fundamental problems of our economic crisis and spends too much money I cannot support it,” added King.
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