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Reps defend votes on bill
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Charlie Wilson
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Congressman Tim Ryan
Three of the five congressmen who represent the area opposed the rescue bill.
YOUNGSTOWN — The thought of helping bail out Wall Street made U.S. Rep. Tim Ryan’s “stomach sick,” but he supported the $700 billion, emergency economic recovery package because he thought not passing it would “damage the local economy and people [would] lose jobs.”
Even with Ryan’s support, the bill failed in the U.S. House, 228-205, Monday in what political and economic observers described as a stunning decision, and one that led to the Dow Jones’ dropping nearly 800 points, the most ever for one day.
Ryan, of Niles, D-17th, and U.S. Rep. Charlie Wilson of St. Clairsville, D-6th, were the only members of Congress who represent the Mahoning and Shenango valleys to support the bill.
“I believe I stood up for America and voted for the country with this vote,” said Wilson, whose district includes Columbiana County and a portion of Mahoning County. He said he supported the emergency legislation because it was crafted and supported by a group of Democrats and Republicans.
“It was not a gift to Wall Street ... it would have protected Main Street. Our plan required that every dollar be paid back,” Wilson said.
Ryan had “deep reservations” about voting for the bill but said his concerns of a serious credit market freeze outweighed his hesitations.
“Supporting this package was necessary if the U.S. is going to avert an economic recession and further hardship for the American public,” said Ryan, whose district includes portions of Mahoning and Trumbull counties.
Now that the package was rejected, where does Congress go from here?
“I don’t think anyone knows,” Ryan said.
The House was going to end its session this year Monday. Instead it will reconvene Thursday.
Heading into the vote, Democratic and Republican leaders made changes to an original bill — including curbs on executive pay, greater oversight and having Wall Street pay insurance premiums — that appeared to make it easier for those hesitant to support the economic package to vote yes.
The defeat apparently took the staff of U.S. Rep. Phil English, R-3rd, of Erie, Pa., by surprise.
Shortly after the vote, the office sent an e-mail stating the House had “voted and passed” the legislation. Later in the day, the staff replaced “and passed” with “on.”
English, whose district includes a portion of Mercer County, opposed the bill.
“From the outset, it has been my strong belief that any rescue proposal necessarily include real consequences for bad actors, strong taxpayer protections and accountability, and transparency of any tax dollars used,” he said.
The bill “failed to meet these minimum thresholds,” English added.
U.S. Rep. Steven C. LaTourette, R-14th, of Bainbridge Township, also voted against the bailout, saying the $700 billion price tag is too large for taxpayers and “the people who made the mess should clean up the mess.”
LaTourette, whose district includes seven northern townships in Trumbull County, said something has to be done, but the bill lets the “bad apples off the hook. Something is askew when we give the people who got us into this mess hundreds of billions of dollars to navigate their way out.”
U.S. Rep. Jason Altmire, D-4th, of McCandless, Pa., was among the 40 percent of Democrats who voted against the plan. About 70 percent of the Republicans in the House rejected the package.
“The bill does little to protect taxpayers and ultimately fails to address the underlying problems that have led us to this point,” said Altmire, whose district includes Lawrence County and a portion of Mercer County. “I agree that the economy is struggling, but the free market works properly only if there is a downside to risk. It is not the government’s role to reward bad decisions or nullify the downside to investment risks.”
skolnick@vindy.com