SPRINGFIELD - When the plan billed as a costly fix to the country's financial system failed in Congress on Monday, Illinois lawmakers were on both sides of the issue.
And included among them was the only U.S. House lawmaker in the country who didn't vote on the matter: U.S. Rep. Jerry Weller, R-Morris.
Republicans John Shimkus of Collinsville and Tim Johnson of Urbana, as well as Democrat Jerry Costello of Belleville all voted with the majority to reject the proposal.
"I firmly believe that those who invest, assume risk, work hard, and are successful should be able to earn a return on their money," Shimkus said in a statement. "But those same risk takers must face the possibility of a loss."
Costello said the process of hashing out a proposal that could cost $700 billion moved too fast, especially while some economists questioning whether it'd even work.
"I want to hear from them," said Costello, who said he also heard from voters opposing the proposal.
An agreement among some congressional leaders was reached over the weekend to push the legislation that was rejected Monday. Johnson echoed Costello's concerns.
"He believes it was hasty," said Johnson spokesman Phil Bloomer. "There hasn't been due diligence on this."
Nine Illinois members of Congress voted "no," but nine voted yes.
U.S. Rep. Phil Hare, D-Rock Island voted for the bailout saying something had to be done.
"The financial crisis we face is bigger than a few failing banks or a stock market in disarray. Americans are losing their homes," Hare said in a statement. "Many are concerned about the future of their retirement savings.
Retiring U.S. Rep. Ray LaHood, R-Peoria, voted for the plan. He said the sharp drop in the stock market following Monday's vote could spur leaders to come up with an alternative plan soon.
"We still have the problem," LaHood said. "The problem still exists."
Weller was the only U.S. House member not to vote on the bailout plan Monday, according to the congressional roll call. Weller, like LaHood, plans to retire at the end of his term.
Weller's spokesman did not return a call Monday.
HOW THEY VOTED
YES: Phil Hare, D-Rock Island, and Ray LaHood, R-Peoria
NO: John Shimkus, R-Collinsville, and Tim Johnson, R-Urbana
ROLL CALL: Complete roll call of the vote can be found at: clerk.house.gov/evs/2008/roll674.xml
mike.riopell@lee.net|789-0865
Posted in Local on Tuesday, September 30, 2008 12:00 am Updated: 2:33 pm. | Tags: Economy
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