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Will Utah congressmen support or reject bailout?

Will Utah congressmen support or reject bailout?



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The big bailout plan has passed the Senate with the help of Utah's two senators. Both Sen. Orrin Hatch and Sen. Bob Bennett voted for the bill.

But the big test will come in the House. Two of Utah's three congressmen voted it down the first time. Will Rep. Jim Matheson and Rep. Rob Bishop change their minds?

Rep. Matheson says he will vote "no" on the package as it stands right now. He says, "Well, I have real problems with it. I fear that this package went from one that I didn't support in the House on Monday to something worse. It's been larded up with about $100 billion of additional spending that has nothing to do with the credit crunch that's going to just add more debt to the federal ledger.

"And secondly, there's a provision that allows the Securities and Exchange Commission to loosen accounting rules for how we deal with mortgages on the books. I'm not sure if this is the time that where we want to loosening regulation in terms of this industry. And I will tell you that this change in accounting rules has all kinds of implications that I don't think any member of Congress fully understands today because it just got put in the bill in the last 24 hours. So I'm very concerned that we are rushing on something and that they have implications not everyone fully understands."

He does say, however, that there may be enough votes in the House to pass it tomorrow.

Rep. Bishop says he likes the additions to the bill, but he hasn't committed yet to voting for it.

But it was a major step at least getting the bill through the Senate. It was an impressive 74-25 tally. Sen. Bob Bennett is getting extra credit from his peers. At a news conference involving Senate leaders last night, New Hampshire Republican Judd Gregg specifically named Bennett as being a key cog in pushing this legislation through.

E-mail: aadams@ksl.com
E-mail: athomas@ksl.com

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Andrew Adams
    Adam Thomas

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