Despite warnings from president George W. Bush and the treasury department of impending economic hardship, Congress voted down a $700 billion financial rescue plan yesterday. Ohio Representatives Betty Sutton and Steve LaTourette - Democrat and Republican respectively - were among those who voted no. They explained their opposition today on 90.3's the Sound of Ideas. Kymberli Hagelberg reports.
The 228 to 205 defeat of the Bush administration's financial rescue plan came down to a difference in partisan philosophy -- at least that's the case if you accept the reasoning of Sutton and LaTourette.
Sutton, a Democrat, says the plan needs provisions that include jobs and economic stimulus.
Sutton: "Those are also key components to enable those folks to pay for their car loans, and to pay for mortgages.
Republican LaTourette told host Dan Moulthrop that he wanted to give American companies a capital gains tax break for "toxic loans" bought with money invested outside the U.S, which Democrats rejected.
LaTourette: "The last time we did this, Dan, was in 2005, and almost 350 billion dollars came from overseas."
Both representatives said they'll continue talks today. Congress meets again Thursday.
Kymberli Hagelberg, 90.3