“House Republicans Defy Bush, Vote Against Housing Bailout”

“There were a lot of things I didn’t like about the bill, but this was the last train leaving the station. … This was take it or leave it,” said Rep. Pat Tiberi, R-Ohio, one of 21 Republicans who originally opposed the housing measure when it was approved in May, but backed the final version on Wednesday.

Tiberi, whose district has experienced high rates of foreclosures, said he supported the measure because he thought, “The impact on the markets if we did nothing would be a far greater risk than the bad policies.”

The vast majority of Republicans made the opposite choice. Party leaders argued that even in the midst of a housing crisis that’s dragging down the entire economy and threatening wider financial consequences, party members shouldn’t put aside their principles of limited government and personal responsibility to back a popular relief package.

“To ask the 94 percent of people who are paying their mortgages on time to pay additional funds so they can bail out scam artists and speculators and, frankly, banks who may have made bad loans is not fair,” Rep. John A. Boehner of Ohio, the Republican leader, told reporters Thursday.

“Getting our party to stand on principle is a critical part of what we have to do in order to earn our way back.”

Finally, Republicans in Congress standing up for constitutional limited government. There is still hope for the GOP!

read more | digg story


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