U.S. Rep. Sue Myrick, citing a need to avoid a "catastrophic credit meltdown," said she would vote today for a $700 billion bailout of the financial services sector, a few days after rejecting a similar version.
"I don't want to have to vote for this bill, and I'm not defending it," said the Charlotte Republican, saying it's "full of things that I don't believe in," Lisa Zagaroli reports.
"But, we’re on the cusp of a complete catastrophic credit meltdown. There is no liquidity in the market. We are out of time. Either you believe that fact, or you don't. I do."
Myrick said she was worried that if Congress didn't act now, "devastating unemployment" would follow and the nation was "simply out of time."
Myrick said earlier this week that when she returned to Charlotte, she encountered heightened tensions at home from folks facing long lines for gasoline and the sale of home-based Wachovia.
"All that has made people nervous and unsettled and everyone's a little anxious," she said. "That has helped to heighten the anxiety here."
After the House rejected a Wall Street rescue plan on Monday, the Senate changed a few things and tacked on tax breaks, disaster aide and a mental health parity bill to it. It passed overwhelmingly Wednesday.
The House was scheduled to vote by this afternoon on the changed version.
Blog RSS feed
Re: Myrick switches to yes,then no,then yes, then no, ect.ect.ec
The "meltdown" is a complete and utter myth. But no surprise on the flip.
JAT