N.C. Democrats split Monday on a massive government intervention into the financial services industry, while all of the delegation's Republicans voted against the failed attempt.
"Too many people had too many problems with it," said Rep. Sue Myrick, a Charlotte Republican. "They were very uncomfortable."
The Democrats who opposed the bill were Reps. Heath Shuler of Waynesville, G.K. Butterfield of Wilson, and Mike McIntyre of Lumberton, Lisa Zagaroli reports.
"Unfortunately, the rush to respond has resulted in a plan that is too risky and gives away too much without any guarantees that the problems will be corrected," Butterfield said. "While people talk about stabilizing the markets, we should be focused on stabilizing families and our rural communities. I am particularly disappointed that the package failed to include the measures needed to prevent more home foreclosures such as providing bankruptcy judges with the power to modify the terms of mortgages."
The failure of the $700 billion bailout bill, on a vote of 228-205, came amid news of Wachovia’s purchase by Citigroup.
Rep. Mel Watt, a Democrat from Charlotte, said while the White House hadn't been able to convince the American public that drastic measures were needed, he believed the intervention was necessary.
"It would be politically irresponsible and substantively irresponsible to not do what people sent me here to do which is cast responsible votes," he said. "You can't always stick your finger up in the air."
