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Smith and Reichert explain their $700 billion yea and nay

Post by Patrick O'Callahan on Sep. 30, 2008 at 5:57 pm |
September 30, 2008 5:57 pm

U.S. Reps. Adam Smith of the 9th District and Dave Reichert of the 8th District stopped by today, fresh from yesterday’s momentous House defeat on the $700 billion economic rescue plan.

Smith was a yea vote; Reichert a nay.

Smith said the bill was tainted the moment it got packaged as a “Wall Street bailout.”

“This is not a Wall Street bailout,” he said. “It’s a bailout of our credit system.”

Smith said his office was deluged with protests against the bill: “For every 500 calls we got against it, we got one in favor.”

On that point, Reichert agreed. His office got about 2,500 emails and calls on the issue, he said, and the sentiment was “overwhelmingly no.”

Reichert described Treasury Secretary Henry Paulson’s original plan as “a piece of garbage.”

Reichert is optimistic that, with more revisions, a rescue bill will pass. “I think we’re close,” he said. “I do think that something will be done by the end of the week.”

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