Pa. Senator Casey says he'll vote for bailout
Pennsylvania Sen. Bob Casey said Wednesday he plans to vote in favor of a $700 billion plan aimed at rescuing the ailing financial industry.
The Democratic senator said he wants businesses to be able to get the credit they need to keep the economy rolling. He also said he's concerned about the thousands of Pennsylvanians who are unemployed; the state's unemployment rate climbed in August to a five-year high of 5.8 percent.
"I think we're going to continue to lose jobs, but I think we'd lose a lot more over the next year if we don't take this action," said Casey, a member of the Senate banking committee.
The legislation is designed to allow the government to buy bad mortgages and other devalued assets held by troubled banks and financial institutions.
Similar legislation failed Monday in the House. But the Senate legislation is different, adding in $100 billion in tax breaks for businesses and the middle class. A vote is scheduled for Wednesday evening.
Casey said he doesn't view the plan as a bailout because taxpayers will benefit and the plans calls for oversight of how the money is spent.
Pennsylvania's senior senator, Republican Arlen Specter, is reviewing the legislation and scheduled a Wednesday afternoon meeting with reporters.
On Monday, 10 Pennsylvania House members voted against the legislation and nine approved it. The state's only Republican to back it was Rep. John Peterson. Reps. Jason Altmire, Tim Holden, and Chris Carney were the only House Democrats from the state to oppose it.
|
|
- 1 APNewsBreak: SC regulators OK nuke plant plans
- 2 Alabama's jobless rate hits 4-year high
- 3 Sour economy leads BMW to lay off SC temp workers
- 4 Ga. educators upset over proposed pension change
- 5 Consolidated-Tomoka Land's 3Q profit drops 95 pct
- 6 Global moving firm to be based in Fort Wayne, Ind.
- 7 Mexico central bank holds interest rate unchanged
