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House GOP Bailout Dissenters Stake Out Ground
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09/30/08 07:40 AM ET
The House Republicans who voted against the $700 billion bailout package are proposing their own changes to the bailout bill.
Rep. Marsha Blackburn (R-Tenn.) said she supported the proposal backed by Barack Obama and John McCain to increase the amount in bank accounts that is federally insured. The government insures accounts up to $100,000, while Obama and McCain have called for increasing that limit to $250,000.
Blackburn also called for a suspension of mark-to-market accounting rules that have been blamed for the undervaluing of assets and for a decrease in capital gains taxes.
"There are so many free market-oriented portions of this proposal, of the discussion, that are still there," Blackburn said on CNN Tuesday. "And I think what we saw yesterday was people responded to constituents who were saying let's make certain we put some more free market components. They want to see Wall Street have some skin in the game. They want it to be a workout plan and not a bailout plan. And we're all committed to finding a resolution to this."
Rep. Tom Price (R-Ga.) echoed Blackburn's suggestions and suggested that Congress revisit a House Republican proposal for an insurance system for the bad mortgage assets. Conservatives have preferred an insurance system that relies on private money instead of a bailout in which the government would purchase those assets.
"Those kinds of things are positive principles that could come to the table and, I think, that kind of bill would have a majority of support on the House of Representatives right this second," Price said on MSNBC.
Rep. Marsha Blackburn (R-Tenn.) said she supported the proposal backed by Barack Obama and John McCain to increase the amount in bank accounts that is federally insured. The government insures accounts up to $100,000, while Obama and McCain have called for increasing that limit to $250,000.
Blackburn also called for a suspension of mark-to-market accounting rules that have been blamed for the undervaluing of assets and for a decrease in capital gains taxes.
"There are so many free market-oriented portions of this proposal, of the discussion, that are still there," Blackburn said on CNN Tuesday. "And I think what we saw yesterday was people responded to constituents who were saying let's make certain we put some more free market components. They want to see Wall Street have some skin in the game. They want it to be a workout plan and not a bailout plan. And we're all committed to finding a resolution to this."
Rep. Tom Price (R-Ga.) echoed Blackburn's suggestions and suggested that Congress revisit a House Republican proposal for an insurance system for the bad mortgage assets. Conservatives have preferred an insurance system that relies on private money instead of a bailout in which the government would purchase those assets.
"Those kinds of things are positive principles that could come to the table and, I think, that kind of bill would have a majority of support on the House of Representatives right this second," Price said on MSNBC.
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