GA Senators support bailout plan -, Albany News, Weather, Sports

GA Senators support bailout plan

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By Alicia Eakin - bio | email

October 1, 2008

VALDOSTA, GA (WALB) - Both Georgia Senators arrived in Washington Wednesday to cast their vote for the $700 billion emergency bailout plan.

Senators Saxby Chambliss and Johnny Isakson plan to vote for the bill, saying doing nothing would only make things worse.

They support most revisions made to the bill, calling it a rescue plan for taxpayers rather than a bailout plan for wall street.

They say the senate sees the urgency after seeing the global market tank and are confident the bill will pass.

Then again, President Bush said that Monday when the bill failed in the house.

They hope the bill will be the first step to getting our economy back on track and to hold accountable those who brought this on.

"I'm angry. I'm mad that this has come on such a short span as it has.  I simply don't understand why the folks who were suppose to do the oversight let it come on us in a hurry like this.  We need a thorough investigation of what caused this just to make sure it doesn't happen again," says Senator Saxby Chambliss.

"Certainly what happened on Wall Street with the investment bankers scrutinizing high risk papers and the Moody, Standard and Poor's ratings it an investment grade, that's the root of the problem.  There's going to have to be transparency and oversight on Wall Street that's equal to the transparency and oversight that's on banking today," adds Senator Johnny Isakson.

The session will begin Wednesday at 7:30 PM. They expect to vote around 9:00 PM.