N.H. Representatives Still Undecided on Bailout Package
HOUSE
New Hampshire Union Leader
Jenny Paul
Boston University Washington News Service
10/2/08
WASHINGTON– New Hampshire’s two Democratic House members, who voted against the initial $700 billion financial bailout package on Monday, won’t say how they will vote Friday when the House takes up the revised legislation that the Senate overwhelmingly passed on Wednesday.
Rep. Carol Shea-Porter said Thursday she is glad the Senate added renewable energy incentives and a provision to adjust the alternative minimum tax so 20 million Americans avoid paying it, but said she still had concerns about the bill and how it would affect middle-class Americans. The legislation authorizes the treasury secretary to use up to $700 billion in taxpayer money to purchase troubled mortgage-backed securities.
“I do like what they’ve added,” Shea-Porter said. “I think a lot of it helps the people on Main Street.”
Shea-Porter, who has voiced concern about the breadth of authority the bill gives to the treasury secretary, said she wants to make sure that her decision protects middle-class Americans.
Rep. Paul Hodes also is concerned about protecting taxpayers and wants to make sure the legislation adequately addresses home foreclosures, said Mark Bergman, Hodes’ communications director. Hodes was not available for comment Thursday.
Representatives for both congressional offices said they had not received any calls from constituents who were having trouble securing credit. Shea-Porter said about half the callers to her office supported the bailout, while Hodes’ office reported that a “substantial” number of callers were against the legislation. Bergman said Hodes has spoken with bankers and other New Hampshire residents who favor the bailout.
“He has talked to New Hampshire community bankers, people in the financial industry, who are not happy,” Bergman said. “He is listening to all sides of this. He’s coming in with an open mind.”
Shea-Porter said she and other members of Congress will have to stay in Washington to craft another bill if the House doesn’t pass the legislation.
“What I would like to say to the financial markets and to the people in New Hampshire is that we will continue to work on this,” Shea-Porter said Thursday. “Nobody knows how it’s going to turn out tomorrow yet, but we’re not going to walk away from this problem. We’re taking it very seriously.”
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