Congress succeeded in approving a revised bailout package today after the House rejected an earlier bill on Monday but the changes weren't enough to convince one Connecticut Congressman to support it
The US House approved the $700 billion rescue plan for the nation's financial system by a vote of 263 to 171.
However, 2nd district Congressman Joe Courtney did not budge from his previous vote earlier in the week.
Speaking on WNPR's Where We Live program, Congressman Joe Courtney says he still wasn't sold on the revised bailout bill.
He was the only member of Connecticut's Congressional delegation to vote no on Monday. Courtney believes the revised package does not benefit taxpayers in the long run.
"We've gotta give these real estate backed assets, more chance of the taxpayer recovering value by changing the bankruptcy law to allow homeowners to fight for their homes and stop the incredible stampede of foreclosures that are sweeping thru the country and is at the heart of why this financial meltodwn started. It was the real estate bubble that burst."
After the vote Courtney says he couldn't support the bill because the package was not fair enough for the middle class. He also thinks the proposal doens't do enough to limit outrageous compensation and bonuses paid to Wall Street CEO's who caused the economic crisis.
Now that Congress has agreed on a bailout bill, Courtney is looking forward to the House Oversight Committee holding hearings on the financial breakdown and how to deal with those responsible so it won't happen again.