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Congressman speaks out on rescue plan

Congressman speaks out on rescue plan“It won’t be long, if we don’t act soon, before merchants won’t be able to continue business and a large number of layoffs will follow.”
That was Ninth District Congressman Rick Boucher’s summation of the importance of a $700 billion financial markets rescue plan prior to a 263-171 House vote that passed the bill Friday afternoon. President George Bush signed the measure shortly after the vote.
The Senate passed the plan 74-25 late Wednesday.
Boucher said Friday morning he supported an initial plan that failed the House Monday and that he would vote in favor of the alternative plan Friday.
Calls and e-mails received in Boucher’s office early in the week were “mostly” opposed to the rescue plan, but, by Friday, he said, they were becoming “slightly” more supportive.
Explaining why he thinks public support grew as the week progressed, he said, “I think they (the public) understand failure to act risks deep harm to the economy.”
The initial plan “was poorly described. The people thought it was a bail-out,” he said. “Now, it has been better described, and they’re more supportive.”
Boucher says the plan is not a bailout.
“It’s not about protecting Wall Street. It’s about everybody’s street,” he added.
But Boucher said he didn’t make his decision based on the calls and e-mails he received. “I based my decision on what it will accomplish and what its potential effects will be” on the economy.
“Our economy is in a perilous situation,” he said. “Banks are now afraid to loan to each other, and that makes it harder for citizens to get loans.”
If people can’t get loans, they can’t buy homes and cars, so the real estate and automotive industries suffer too, Boucher said
“People can’t get loans today that they could get six months ago…and these are people with good credit,” he said.
The recovery plan will “restore confidence in the credit market, and it will do so in a way it will have little to no cost to taxpayers,” Boucher said.
He said he is persuaded the government will recoup most, if not all, of its investment in the plan. He noted the government “actually made money” on the earlier savings and loan and Chrysler rescue packages.
“I believe the same thing will happen this time,” Boucher concluded.

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Congressman speaks out on rescue plan

Congressman speaks out on rescue plan“It won’t be long, if we don’t act soon, before merchants won’t be able to continue business and a large number of layoffs will follow.”
That was Ninth District Congressman Rick Boucher’s summation of the importance of a $700 billion financial markets rescue plan prior to a 263-171 House vote that passed the bill Friday afternoon. President George Bush signed the measure shortly after the vote.
The Senate passed the plan 74-25 late Wednesday.
Boucher said Friday morning he supported an initial plan that failed the House Monday and that he would vote in favor of the alternative plan Friday.
Calls and e-mails received in Boucher’s office early in the week were “mostly” opposed to the rescue plan, but, by Friday, he said, they were becoming “slightly” more supportive.
Explaining why he thinks public support grew as the week progressed, he said, “I think they (the public) understand failure to act risks deep harm to the economy.”
The initial plan “was poorly described. The people thought it was a bail-out,” he said. “Now, it has been better described, and they’re more supportive.”
Boucher says the plan is not a bailout.
“It’s not about protecting Wall Street. It’s about everybody’s street,” he added.
But Boucher said he didn’t make his decision based on the calls and e-mails he received. “I based my decision on what it will accomplish and what its potential effects will be” on the economy.
“Our economy is in a perilous situation,” he said. “Banks are now afraid to loan to each other, and that makes it harder for citizens to get loans.”
If people can’t get loans, they can’t buy homes and cars, so the real estate and automotive industries suffer too, Boucher said
“People can’t get loans today that they could get six months ago…and these are people with good credit,” he said.
The recovery plan will “restore confidence in the credit market, and it will do so in a way it will have little to no cost to taxpayers,” Boucher said.
He said he is persuaded the government will recoup most, if not all, of its investment in the plan. He noted the government “actually made money” on the earlier savings and loan and Chrysler rescue packages.
“I believe the same thing will happen this time,” Boucher concluded.

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