Press Releases

Washington, DC--- Congressman Paul Hodes released the following statement after again voting against the economic bailout plan.

"I have carefully considered the arguments in favor of this bill and kept an open mind after casting a no vote on Monday. I understand the depth of our credit and economic crisis and believe that action is urgently needed.  But is this an effective action; is it the right action?

All Americans are agonizing over the distress that people are experiencing and the deep insecurity that the turbulent markets have created. I believe that when Congress proposes to spend huge sums of the taxpayers’ money, we must be confident that it will work; that the plan will actually stabilize the financial markets, protect the interests of the taxpayers and homeowners suffering in these hard times. This must be an effective first step toward rebuilding our economy.

However, this approach is flawed and is a huge gamble for our economy and the taxpayers. It focuses too much on Wall Street and does not address the mortgage crisis.  In short, it is a huge risk to take with nearly a trillion dollars of taxpayer money for a trickle-down solution to help Wall Street that hundreds of economists believe is the wrong way to go.

Instead, we need a better plan. We need a bottom up approach that protects taxpayers and helps homeowners, and addresses the fundamental problem leading to this credit crunch: the foreclosure crisis.

Overall, I believe this bill represents too much business-as-usual in Washington and I must stand up and vote my conscience to protect the taxpayers and homeowners of New Hampshire.  I am committed to a solution but this isn't it. Instead, I believe the Congress must continue to work to get the right solution for the American people."

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