POSTED: Friday, October 3, 2008 - 5:20pm
UPDATED: Wednesday, March 17, 2010 - 10:59am
TYLER - When it came to Friday's bailout vote, our East Texas congressmen still said no just like they did earlier in the week.
Congressmen Louie Gohmert and Jeb Hensarling both say, even the revised bailout plan is "no good."
In fact, they both say, there was a better plan.
Just days after the Senate voted in favor of the revised bailout plan, the House of Representatives gave thumbs up Friday as well.
Changes to the original bill include, shielding millions from the alternative minimum tax, disaster relief for both Texas and Louisiana from hurricane damage, tax breaks to some, and buying up bad debt— mostly mortgages.
And while many believe the plan can help the United States get out of the financial crisis, some East Texas lawmakers say— it will only make things worse.
Congressman Jeb Hensarling says, "The thought of my children growing up in an America with less freedom, less opportunity and a lower standard of living— is a long-term plan I cannot and will not bear."
He says, "I vote no with some doubt, there is a better way."
He says, "No one knows this plan will truly work, we all hope it does."
Congressman Louie Gohmert agrees.
He says, "I know it's not a good bill, but it gives encouragement to the economy to move forward."
He says, "If people have confidence, things will be okay."
It only took about an hour for President Bush to sign the 700-billion dollar bailout bill into law.