Published: October 03, 2008 10:02 pm         

Local representatives vote for bailout

Both Reps. Mark Souder and Joe Donnelly voted in favor of the second try for the $700 billion Wall Street bailout bill Friday afternoon.

“This bill is not the bill that I or other Republicans would have chosen, but with a Democrat-controlled Congress, any bill must be a compromise. Possible failure of our economy was not an option,” Souder, a Republican representing the 3rd District said.

Democrat Rep. Donnelly, 2nd District, echoed Souder’s sentiment that the bill was not perfect, but necessary.

“While the bill that the House of Representatives received from the Senate is far from perfect, it is needed to stabilize our economy and spare Main Street from serious economic harm. My number one priority is to protect our jobs and savings back home, and this bill presented us with the best chance of doing that. I did not take pleasure in voting for this legislation, but the choice before us was stark: either pass this rescue package or do nothing,” he said.

Along with local House representatives, Indiana Sens. Richard Lugar and Evan Bayh also voted in favor of the bill in the Senate Thursday.

“Regrettably, there are no good options. But the current plan is far better than the original proposal,” Bayh said. “Executives who have brought their companies to the brink of ruin and now seek public help will be prevented from profiting.”

He later added that it is “a distasteful but necessary step to protect millions of innocent people from the malfeasance of a few.”

Sen. Lugar had already been announcing his support for the bill before its passage.

“The financial rescue legislation will restore credit flow to homeowners, businesses, farmers and all the people who, by the very nature of their businesses, need to borrow money to maintain their activity and keep employees. Failure to pass such legislation would lead to massive unemployment and failure of small business and farming operations in Indiana. That is unacceptable,” he said.