October 3, 2008 - 1:50pm

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OR-1: Wu: ‘The bill today was the last train leaving the station’

By Britten Chase, PolitickerOR.com Reporter

U.S. Rep. David WuU.S. Rep. David Wu (D-Portland) expressed regret that Congress did not have time to put together more comprehensive legislation to deal with the country’s economic crisis, but said he voted in favor of the bill to use taxpayer dollars to bailout financial institutions because he feared it was the last opportunity to act.

“When it came down to it, the bill that all members were asked to vote for today was the last train leaving the station,” Wu said in a statement. “I wish this legislation had been further revised, but ultimately, we needed to act.”

Wu was the only Oregon congressman to change his position on the provision that would use close to $850 billion in taxpayer dollars to shore up financial institutions. Wu joined Rep. Greg Walden (R-Hood River) and Darlene Hooley (D-West Linn), who voted in favor of the legislation today and Monday. Reps. Earl Blumenauer (D-Portland) and Peter DeFazio (D-Springfield) voted against the measure both days.
Wu said that he decided to support the measure because Congress needed to act in order to prevent an even bigger crisis.

“In the end, I believe that the risk of doing nothing is too great. I continue to believe that we face a serious threat to our economy. Action is essential to protect Americans’ jobs, retirement, and financial security,” Wu said. “We didn’t need to rush to pass a bill on Monday, but we do need to stabilize our economy so that small businesses can continue to pay their employees, Americans will stop seeing the value of their retirement accounts plummet, college students can get the loans necessary to continue their education, and working families have access to responsible home and car loans. A frozen credit market is simply not a situation that we can live with.”

Wu also pointed out that this newest bill included county provisions that would help Oregon’s rural communities.

“By reauthorizing the county payments program today we are providing funds to hire teachers, healthcare workers, librarians, and others who provide vital services to rural communities across my district and the state of Oregon,” Wu said.

BRITTEN CHASE is a PolitickerOR.com Reporter and can be reached via email at brit.chase@politickeror.com.

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Comments

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First of all, when the government has stepped in recently for all those other economic fixes, they didn't know what they were doing and they didn't fix anything, just funded their special friends.

So why have our lawmakers given clueless people with no track record more of our money to play with?

Now that the privileged are starting to hurt, there's this PR campaign that our economic problems all stem from Wall Street problems.

The economic meltdown has been happening to Main Street for awhile but they didn't care until Wall Street started whining. What about outsourcing our jobs? What about the fuel prices? What about the higher cost of food because of the fuel prices and climate change? What about wide spread unchecked fraud everywhere. This has been what has been going on on Main Street but did Bush get on TV with his "We need to invade Iraq" tone of voice for Main Street? Hardly but when his "haves and have mores" buddies are in trouble, he insisted we all band together and save them.

Are they Wu's, Hooley's, Smith's and Walden's buddies, too?

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