McGovern Says He Would Vote for Senate Economic Bill
REVOTE
Worcester Telegram and Gazette
Rachel Kolokoff
Boston University Washington News Service
October 1, 2008
WASHINGTON – U.S. Rep. James P. McGovern, D-Worcester, said on Wednesday that he would vote for the Senate’s version of the $700 billion financial system rescue bill should it reach the House floor on Friday.
Despite its imperfections, he said, the bill would prevent an economic meltdown in which markets would tighten further or even collapse.
“All of us are angry at Wall Street and this culture of greed, but we are where we are, and I think it’s irresponsible to do nothing,” Mr. McGovern said. “We need to act, and hopefully there will be enough votes to get this thing passed.”
Mr. McGovern said one of the bill’s imperfections is the tax-break package the Senate added to the bill on Wednesday. The package, which Mr. McGovern said would add to the biggest government debt in U.S. history, includes tax breaks for people who spend on alternative energy, businesses and children.
“I would’ve liked it [the tax break package] more if it was paid for, but the Senate has decided not to pay for it,” Mr. McGovern said.
Despite that flaw, Mr. McGovern said, the inclusion of tax breaks for Main Street may give members who voted against the bill on Monday an excuse to vote for it on Friday.
At this point, he said, House members must vote up or down on the package to avoid more amendments that would stall the package further, forcing each chamber to vote again.
“You can’t do anything unless you stabilize the economy, and that’s what this rescue package is all about,” Mr. McGovern said. “We need to take the next two steps, which are putting in proper regulations so it doesn’t happen again and then talking about enacting an economic stimulus package that will meet …basic needs, including infrastructure.”
Since Monday Mr. McGovern has been in his district, speaking with community members and explaining the reasons why he voted for the bill on Monday and why he continues to support it.
“To be honest with you, it was good to be home and away from Washington for a couple of days,” Mr. McGovern said.
A spokesman for U.S. Rep. Niki Tsongas, D-Lowe, said the Democrats are expected to caucus Thursday to discuss the Senate bill in greater detail and build bipartisan support for it.
Tsongas, who voted for the bill on Monday, said then that bipartisan action must be taken as soon as possible to restore market stability.
“We will continue to keep working in a bipartisan way, in coordination with the Bush administration, to come up with a solution to alleviate this crisis,” Tsongas said.
###
