LANSING – Most of Michigan’s 15-member U.S. House delegation voted against the $700 billion bailout of financial markets, with U.S. Rep. Thaddeus McCotter (R-Livonia) urging his colleagues to vote for freedom in the choice between “bread and freedom.”
A total of nine members, six Republicans and three Democrats, voted against the measure – which fell by 12 votes from passage – while three Democrats and three Republicans voted for the bill.
Few of the members made comments following the defeat, and those who did focused mainly on the philosophical aspects of the proposed bailout instead of picking a partisan fight as members of both sides did in press conferences held after the vote.
Not that Michigan politicians were free from partisan charges, however. For example, Michigan Republican Chair Saul Anuzis said on his Facebook page that Democrats were to blame for the proposal’s loss.
Officials in the administration of Governor Jennifer Granholm made no comment following the failure of the vote or in the massive stock market selloff following. A spokesperson for Treasurer Robert Kleine said the state was monitoring the situation.
Voting against the bill on the GOP side was U.S. Rep. Peter Hoekstra (R- Holland) U.S. Rep. Joe Knollenberg (R-Bloomfield Hills) U.S. Rep. Candice Miller (R-Mt. Clemens), U.S. Rep. Mike Rogers (R-Brighton), U.S. Rep. Tim Walberg (R-Tipton) and Mr. McCotter. Democrats voting against the proposal were U.S. Rep. John Conyers (D-Detroit), U.S. Rep. Carolyn Cheeks Kilpatrick (D-Detroit) and U.S. Rep. Bart Stupak (D-Menominee).
Voting for the bill were Republicans U.S. Rep. Dave Camp (R-Midland), U.S. Rep. Vern Ehlers (R-Grand Rapids) and U.S. Rep. Fred Upton (R-St. Joseph) and Democrats U.S. Rep. John Dingell (D-Dearborn), U.S. Rep. Dale Kildee (D-Flint) and U.S. Rep. Sander Levin (D-Southfield).
Camp said the bill was hardly perfect though it was better than the original proposal of more than a week ago. He said he had heard from more than 1,000 of his constituents, many not happy with the proposal, “however I feared and continue to fear that further delay would simply lead to greater partisanship and the possibility of nothing being enacted. Should that happen, we stand to lose more jobs and create economic hardships this nation has not seen since the Great Depression.”
Michigan could be devastated in the aftermath, he said.
Walberg, however, said there are other alternatives including lowering taxes and lessening regulations to allow more capital to flow the markets. The capital gains rate and corporate tax rates especially should be lowered, he said.
Rogers also said more assistance to homeowners facing foreclosure should be considered as part of the package.
McCotter’s comments on the House floor were shown several times on cable television. In times of economic struggle, the fight is always between economic security and freedom he said. He called up the slogans used by the Bolsheviks during the 1917 revolution as an example and said, “We are being asked to choose between bread and freedom.” Choose freedom, he said.
But Levin said the vote on Monday could not be the last word on the subject.
“Unless we deal with the financial troubles that Wall Street and other financial institutions have helped to create, we will all be hurt by the instability in the entire financial system. Including the millions of Americans struggling to keep a roof over their head, families who need to borrow money to send a child to college and businesses like the auto industry which depend on the availability of affordable loans,” he said in a statement.
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