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<< Previous   of   Next >>   ADVERTISEMENT   What Inslee's and Larsen's opponents say about the bill NO: "I wasn't convinced it had a payoff plan for how we would get our money back. I didn't see where it would help the individual taxpayer who was suffering a bad loan. I didn't see how it would stem the tide of foreclosures. I have too many questions and not enough answers." Rick Bart, Republican congressional candidate in the 2nd District NO:"It is time to establish new regulations on Wall Street that stop the high risk business of creating worthless securities from risky loans. A 21st century regulatory system is required for today's markets." Larry Ishmael, Republican congressional candidate in the 1st District -- From Herald staff, Associated Press and The News Tribune   CONTACT THE HERALD Robert Frank, City Editor frank@heraldnet.com   Published: Tuesday, September 30, 2008 Congressmen Inslee, Larsen split on bailout bill By Jerry Cornfield Herald Writer By the time Reps. Rick Larsen and Jay Inslee voted on the economic bailout package Monday, they had heard from thousands of their constituents on what to do. Nearly all of the roughly 6,000 people who called and e-mailed Snohomish County's two Democratic congressmen in the past few days opposed the plan. The House of Representatives did reject it on a 228-205 vote. Inslee sided with the majority, while Larsen supported the defeated package. "It was a difficult vote," said Inslee, who was the only Democrat in the state's delegation to vote no. "History may show that we can obtain a better bill and we can obtain a better product. History may show we can't and we don't. I stand by my vote." Inslee, whose 1st Congressional District includes southwest Snohomish County, said the legislation lacked assurances the federal government will recoup the hundreds of billions of dollars it would spend. "I recognize the credit crunch we're experiencing, but I believe Wall Street had a party and ultimately the taxpayer shouldn't have to pay for that party," he said. "There's not even approaching a straight-face test that the taxpayer will be held harmless in this." The proposed legislation required that in five years the president, whoever it is, provide Congress with a means of ensuring full reimbursement. "That was a fig leaf at best," he said. Inslee praised House and Senate leaders of both political parties for making substantial improvements to the initial proposal from President Bush. He said he recognized federal action is warranted. "Many felt because of the exigencies of the moment they needed to act on it," he said. "I did not want to be stampeded into a vote." Larsen said he spoke with Inslee before the vote and knew they each viewed the effectiveness of House Resolution 3997 differently. "I came to the conclusion that taxpayers would be made whole," he said. Larsen, whose 2nd Congressional District stretches from Mukilteo to the Canadian border, stressed the amount of protections in the proposed bill that were absent when Bush sent his first proposal to Congress. "It was a blank check and now that original bill is fish wrapper," he said. Democrats made sure executives of the failed firms could not receive large financial payouts, individuals facing foreclosure of their home would get help and an oversight panel would scrutinize spending of the bailout dollars. The plan called for an immediate infusion of $250 billion and the final price tag might not wind up at $700 billion if the markets and the economy improve, he said. Larsen said he felt that if the money isn't paid back in five years, the bill contained a means to get those taxpayer dollars back. That's why he said that structurally, the next package -- which could be voted on at the end of this week -- won't be much different than this one. "It will take a couple of days for the leadership to sort out a solution," he said. "We are going to hammer a deal out, but we are going to take more time. "The stakes we face are serious. This crisis has the potential to impact every family in the country," he said. "It is critical that members of Congress come to an agreement." Reporter Jerry Cornfield: 360-352-8623 or jcornfield@heraldnet.com. READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

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