Virginia delegation split on bailout

Richmond Times Dispatch
Published: September 30, 2008

Five Virginia House Republicans and one Democrat voted against the $700 billion financial bailout.

Three Virginia Republicans and two Democrats voted for the measure, which would have authorized the federal government to buy a host of bad, mortgage-backed assets from Wall Street firms.

The five Virginia Republicans voting “no” were Reps. Robert J. Wittman, R-1st; Thelma Drake, R-2nd; J. Randy Forbes, R-4th; Virgil H. Goode Jr., R-5th; and Robert W. Goodlatte, R-6th.

The Democrat was Rep. Robert C. Scott, D-3rd, who called it “a bad deal for the American people.“

The bill included an insurance plan called for by Rep. Eric I. Cantor, R-7th, that would have allowed the government to insure some of the assets to be sold in the private sector.

Moments after the vote, Cantor walked off the House floor and vowed to return to the drawing board. The House is adjourned through the Jewish holiday of Rosh Hashana and will return Thursday.

“I’m very disappointed,“ Cantor said in an interview after the bill failed. He blamed House Speaker Nancy Pelosi for failing to include more measures to “protect the taxpayers even more.“

Speaking to TV cameras, Cantor held up a copy of a speech Pelosi delivered and said her partisan tone cost the bill Republican support.

“This is not a partisan crisis, this is an economic crisis facing everyone,“ Cantor said.

Scott raised concerns that the government would overpay for assets that are essentially worthless. “Overpaying everyone is an ineffective way” to help failing companies, he said.

Roughly two-thirds of Republicans voted “no” on the bill after House Republican leaders said Sunday they would allow members to vote their conscience.

Rep. Thomas M. Davis III, R-11th, who supported the bill, said that behind closed doors, leaders were much more aggressive in pushing members to support the bill.

“What alternative do you have at this point?“ Davis said, comparing the economic crisis to an impending hurricane and voting “no” to standing in the storm’s way.

Constituent calls were running 10 to 1 against the plan, according to a spokeswoman for Wittman.

Members of Congress faced a tough vote with that groundswell, said political scientist Paul Freedman of the University of Virginia.

“If you’re a Republican, the only thing worse than voting ‘yes’ on this is conceivably voting ‘no,‘“ Freedman said.

On the House floor, Rep. James P. Moran, D-8th, called on lawmakers to support the bailout and its regulations to restore confidence immediately in the markets, loosen U.S. lending and create jobs.

“Greed is the accelerator in a capitalist economy,“ he said, “but unless we are willing to tap the regulatory brakes once in a while, the economy is going to crash.“

Goode, R-5th, a “no” vote, said: “We need to infuse capital into our financial system and not more federal debt.“

Rep. Rick Boucher, D-9th voted “yes,“ saying the bill would “restore confidence in our credit markets.“

Forbes, R-4th, also a “no” vote, said the House should stay in session “until we have created a vehicle to give us long-term stability and not settle for one that may be a short-term fix with a long-term price tag.“