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Colorado delegation still weighing plan

By Jeff Kass, Rocky Mountain News (Contact)

Published September 29, 2008 at 12:05 a.m.

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Most members of the Colorado Congressional delegation contacted Sunday night were still studying the proposed $700 billion financial bailout, while one indicated she was "likely" to support it.

Others could not say how they would vote at this point, but the fiercest opposition appeared to be coming from Republicans.

Rep. Diana DeGette, D-Denver, took the clearest stand in support of the proposal saying, "I'm likely to vote for it, although I don't like it."

DeGette said that opposing the bill would mean "financial disaster" as credit, pension funds and college funds dried up.

She supported the bill given oversight controls, the spending of money in phases and on an as-needed basis, and the hope to break even or even profit on the investment as conditions improve.

The harshest criticism came from Rep. Marilyn Musgrave, R-Fort Morgan. She said in a written statement, "this is still a bailout for Wall Street that will cost the average Colorado household thousands. I simply cannot stomach transferring that kind of money from middle class families to a bunch of Wall Street bankers whose avarice and greed put us in this situation in the first place."

But Musgrave also indicated she will "continue to monitor developments."

Two of Colorado's nine Congressional members - Rep. John Salazar, D-Pueblo, and Republican Sen. Wayne Allard - could not be reached for comment Sunday night.

Democrats generally indicated they were still poring through the details of what Rep. Ed Perlmutter, D-Golden, said was a 110-page draft.

Perlmutter called the draft - which he expected to mirror the final bill - "A vast improvement from what (Treasury Secretary Henry) Paulson and the Bush administration proposed."

But he still cited a number of concerns about whether it would provide the right economic spark and protect taxpayers.

"The question is," Perlmutter added, "is it enough?"

Democrats tended to indicate that they had a set of principles in mind as they sifted through the details. Those principles included limits on CEO compensation for companies participating in the bailout, and recovery or profit on the bailout money.

When asked whether $700 billion was enough, a spokesman for Democratic Sen. Ken Salazar said, "That's still a question that needs to be answered."

Spokeswoman Tara Trujillo said Rep. Mark Udall, D-Eldorado Springs, also wanted to listen to debate on the bill today before making a decision.

Rep. Doug Lamborn, R-Colorado Springs, issued a statement saying "there are still some serious issues that have not yet been resolved."

Rep. Tom Tancredo, R-Littleton, is "opposed to the whole idea" of a bailout but remained undecided on how he would vote, a spokesman said.

Comments

  • September 29, 2008

    9:58 p.m.

    Suggest removal

    GeorgeLillyforCongress writes:

    Take note of the Congressmen from Colorado and how they voted on this issue. That is the best evidence for whose interest they have in mind.

    Diana DeGette, CD1 Denver, voted in favor of this Bogus Billionaire Bailout to Rescue the Rich bill and, to hear it from her, did so "because it was the right thing to do." The right thing for who?

    After the bill was voted down, Diana expressed concerns that value in the stock market would quickly evaporate. Well, this is true of course and goes without saying. Despite DeGette's sudden "transformation" into an Economist with the arrival of this bail-out bill, her summary of what would happen explains what happens in any market. A boom, followed by a bust. This happened to be a bust that was long overdue.

    So despite what DeGette's well-crafted press releases might have you believe, she is not so well informed on the issue of our economy after all. How else can you explain 12-years of inaction and ignorance of the mounting crisis that was realized in the stock market today? Yes, people will be hurt by this and something should have been done much sooner by those we elect to Congress.

    But for Diana DeGette, having been in Congress for the past twelve years with every opportunity to foresee and work to avoid this crisis, it is too little too late for DeGette to be entering this conversation with her "economic insight into the markets." And be careful of the stance she takes, as some kind of economic expert who can guide the economy through the tough times ahead. The markets are far too complicated for few, if any people to truly understand, and for that reason are best left alone.

    Call Diana DeGette (202-225-4431) and tell her to stop working to bring a new version of the Bogus Billionaire Bailout to Rescue the Rich bill to the floor so they can try to pass it again. Ask her who she is working for- the bank CEO's or the people of Denver, Colorado, United States?

    ---Sean Doherty
    campaign manager for George "Lilly for Liberty"
    www.GeorgeLillyforCongress.com