Hinchey, Carney vote no on bailout

Congressmen criticize Wall Street

By FRITZ MAYER

RIVER VALLEY - The two congressmen who represent the Pennsylvania and New York sides of the Delaware River voted no on the proposed $700 billion bailout of Wall Street.

Congressman Maurice Hinchey, a Democrat who represents the 22nd district in New York, said that while he recognizes the need for a rescue package, he believes the one that was defeated in the House on September 29 was too large and did not do enough to “make any sound investments in working middle-class Americans who are the ones in need of real financial assistance.”

He said the bill “focused entirely on the Wall Street powerbrokers who were greedy and took advantage of the system.” He said that he expects that Congress will create a smaller bailout package in the near future and that bill will be passed.

George Phillips, the Republican who is running against Hinchey in the election on November 4, said he too would have voted against the bill.

Chris Carney, a Democrat who represents the 10th congressional district across the river in Pennsylvania, also voted against the proposed bailout. In a statement, Carney said, "This bill is economic Prozac - it might calm the markets today, but the underlying problems remain. We cannot allow Wall Street to borrow its way out of the current fiscal mess."

Like Hinchey, Carney cited a lack of help for the middle class as one of the bill’s shortcomings. He said, "This bailout bill does not provide any source of revenue to pay for its enormous costs, which is not fair to our middle-class families that have played by the rules but are struggling to keep up with the rising costs of their daily expenses. Where is their bailout?"

Chris Hackett, the Republican who is running against Carney in November, also said he did not support the bailout package and he was glad that it failed.