WI Congressional delegation not endorsing bailout
None of Wisconsin's federal lawmakers are ready to endorse the $700 billion financial industry bailout that was hammered out Thursday but appeared doomed last night.
U.S. Rep. Paul Ryan, R-Wis., Janesville, joined other House Republicans in proposing an alternative.
It would have the government sell insurance for mortgage-backed securities and taxpayers would only cover the securities which default. About half those securities are already federally-insured.
The plan -- which got a tentative agreement Thursday afternoon -- later caused a reported shouting match between President Bush, the two main White House candidates and top congressional leaders.
Conservatives were said to be in revolt over the price tag for buying up bad loans and the way the government would put its hand into private markets.
Sen. Russ Feingold, D-Wis., says taxpayers must be protected and efforts must be made to prevent a similar meltdown in the future.
U.S. Rep. Ron Kind, D-Wis., La Crosse, says his constituents don't want the bailout plan.
U.S. Rep. David Obey, D-Wis., of Wausau is wary, too, but something must be done to make sure businesses and people can keep getting credit.
U.S. Rep. Tom Petri, R-Wis., of Fond du Lac said taxpayers expect their their leaders to, "take a breath and think a bit." Talks on a compromise continue today.