Virginian politicians split over bailout

By Neil H. Simon
Media General News Service
Published: September 29, 2008

WASHINGTON - Virginia House members remain split this morning on a $700 billion bailout measure amid three hours of debate on the bill before a vote this afternoon.

While House Republican leaders said publicly they were allowing members to vote their conscience, Rep. Tom Davis III, R-11th, said that behind closed doors leaders were much more aggressive in pushing members to support the bill.

The bill to have the federal government buy a host of bad mortgage-backed assets from Wall Street firms also includes an insurance plan called for by Rep. Eric I. Cantor, R-7th, which would allow the government to insure some of the assets to be sold in the private sector.

On the House floor this morning, Rep. Jim Moran, D-8th, called on lawmakers to support the bailout and its market regulations so as to restore confidence immediately in the markets, loosen up 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 breaks once in a while, the economy is going to crash.” Moran said.

In what could be his final vote as a U.S. representative, Davis said he planned to vote for the plan.

“What alternative do you have at this point,” he said, comparing the economic crisis as an impending hurricane and voting no to standing in the way – a theme several Republicans used to justify a “yes” vote.

“If you don’t vote for this … and credit dries up, there will be no question who to blame,” Davis said.

Rep. Virgil Goode, R-5th, said he would vote no in hopes of “a better day and a better bill.”

Rep. Robert C. Scott, D-3rd, attended a meeting Sunday with about 30 Democratic skeptics of the plan. A spokesman declined to say which way Scott was leaning on the plan.

Rep. J. Randy Forbes, R-4th, said Sunday he supported delaying action on the bill, saying there was no rush to do something that may not work to correct the flagging economy.