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DEL.ICIO.USChambliss, Isakson vote (unsuccessfully) to block more bailout money
The Atlanta Journal-Constitution
U.S. Sens. Saxby Chambliss and Johnny Isakson joined in today’s unsuccessful Republican-led attempt to block the release of $350 billion from the financial bailout package.
The Associated Press reports that, despite bipartisan anger over the Bush administration’s handling of the program to date, Democratic allies of the incoming president prevailed on a vote of 52-42 that will permit the release of funds within days of Obama’s inauguration.
Both houses debated Obama’s call to release the cash, originally approved last October, but the vote that mattered most was in the Senate.
In explaining themselves, both Georgia senators heaped criticism on the outgoing Republican administration. Said Chambliss:
“When this legislation to stabilize the economy was presented to us in October, we were told that the initial funds would be released to buy toxic loans from banks around the country. But that did not happen.
“Most of it has gone to the big banks and has not filtered down to community banks where most local business is conducted, and I’m very disappointed in that. Over the past few months, I have expressed my disappointment to the Treasury Secretary as well as other members of the administration.”
Said Isakson:
“I supported the first round of the Troubled Asset Relief Program because it is critical to our economy to unfreeze the credit markets,” Isakson said. “However, the administration has used the money in different ways than what was planned originally, and the credit markets are still frozen. As a result, I cannot justify supporting the release of the remaining funds.”
Isakson specifically cited the use of cash from the first $350 billion to purchase direct investments in banks, and to help a struggling auto industry.
See the Wall Street Journal take here.
Comments
By Donny
January 15, 2009 6:18 PM | Link to this
Keep up the good work Johnny and Saxby. There have been too many bail out deals already. Time will be tough, but you can’t mortgage our kids and grandkids for misdirected short term fixes.
Thank for proving again that I voted right in the last 2 GA senate races.
By Aaron Burr V. Mexico
January 15, 2009 8:13 PM | Link to this
Republicans: Suddenly acting fiscally responsible now that they don’t actually control any money. Because surely you can trust them the next time. Why, look at how our state government has changed to suddenly become efficient already.
We allow beer sales in supermarkets on Sunday for example….
Oh wait.
Same ole GOP. Same ole lies. Same ole suckers who believe em.
By ronnie
January 15, 2009 9:26 PM | Link to this
Too little too late a* clowns. Should have voted this way when you were in power and you might still be there.
By Aaron Burr V. Mexico
January 15, 2009 9:34 PM | Link to this
Heh. That democratic party was the stupid kind. The kind that got Clinton and Carter elected.
I’m talking about the new Democratic party….the ones that realize Republicans can’t be negotiated with…that they’re sociopathic monsters. The ones that realize we need a whole new carpet bagging to come down here and fix things.
Mainly though, I’m talking about the democratic party that p** off sociopathic republicans.
By dmac
January 16, 2009 6:25 AM | Link to this
it is refreshing to hear Chambliss and Isakson critical of anything coming from the Bush administration. When they voted in favor of the Wall Street bail-out, they did so to give the appearance that they were doing something. Certainly, they didn’t think that the idiot and fool in chief was going to fix anything.
I agree with them that without a strict understanding of how the money will be spent, it would be irresponsible of them to allocate it.
Although community banks are also in need, I don’t recall any promises that they were targeted for any relief. As such, Chambliss’ complaint on that front is phony. Also, Does Chambliss consider Synovous a community bank? He received large campaign contributins from them. In fact, he pulled in millions from financial, investment and banking concerns. He’s a stooge and they got $350 billion, not a bad heist. I’m sure Saxby and Johnny will make a killing in campaign dough for their next elections.
By verge
January 16, 2009 5:45 PM | Link to this
Wow— republicans voting against big business and Wall street… you know these guys are really out of power now… the republican party, years of bigoted, cynical politics and policies have finally come back to haunt them… the proverbial chickens have come home to roost— Here’s hoping for an end to their moronic know-nothing, do-nothing rule in Georgia too… soon…
By giorgi
February 2, 2009 1:44 AM | Link to this
I agree with Senator Isakson, but I believe there has to be a closer degree of cooperation in the Capital. Bush Administration no more. But then again there’s still that 30% of us Americans, those who are the core for conservatism, that preferred Bush or McCain over history. I understand the disagreement tho I strongly oppose it. We should ride the tide of history united, as it should be. Not minding the nature of positivism required.
By giorgi
February 2, 2009 1:46 AM | Link to this
I agree with Senator Isakson, but I believe there has to be a closer degree of cooperation in the Capital. Bush Administration no more. But then again there’s still that 30% of us Americans, those who are the core for conservatism, that preferred Bush or McCain over history. I understand the disagreement tho I strongly oppose it. We should ride the tide of history united, as it should be. Not minding the nature of positivism required.
By giorgi
February 2, 2009 1:47 AM | Link to this
I agree with Senator Isakson, but I believe there has to be a closer degree of cooperation in the Capital. Bush Administration no more. But then again there’s still that 30% of us Americans, those who are the core for conservatism, that preferred Bush or McCain over history. I understand the disagreement tho I strongly oppose it. We should ride the tide of history united, as it should be. Not minding the nature of positivism required.