RickJourney's Blog

Spencer Bachus called it the hardest vote of his congressional career. A lot of members made that statement and at the end of the day, the Yes votes were 12 shy.

Final score: 228 - 205.

From the floor of the House, Bachus told members "our time has run out...  I have decided that the cost of not acting outweighs the cost of acting."

Aderholt Only No Vote from Alabama

By the time the shocking defeat was recorded, only 4th district Republican Robert Aderholt voted No among those in the Alabama delegation.

In a statement released immediately, Aderholt explained his opposition.

"The Administration's request amounts to the largest corporate bailout in American history and it is one that I am not comfortable with supporting. There are no easy answers to the current disarray in our economy but there are alternatives to massive government spending that we should explore."
"Our economy is facing historic challenges and I have been deeply frustrated by the apparent irresponsibility and greed on Wall Street that is now affecting our economy."
"Congress must not hastily embrace a cure that may do more harm to our economy, especially when the American people overwhelmingly object the legislation."
"Now that this so called bail out legislation has failed, Congress must stay in session to address this problem in a way that is acceptable to the American people. We can't proceed with the same bill. Congress must put together a proposal that will not only work but will restore the trust of the American people."

Alabama's Two Democrats Back The Bailout

Retiring Huntsville Democrat Bud Cramer joined Artur Davis of the 7th district.

Here is what Davis released on the failure of the package known as the Emergency Economic Stabilization Act of 2008.:      

"I voted for the financial recovery package today for one primary reason: my concern that the credit markets and capital markets could be devastated if we did nothing. Like five of my colleagues in the Alabama delegation, I worried that the effect of such a collapse could cost Alabamians jobs, could threaten businesses all over the state, and could jeopardize the pension funds of numerous workers.

"Like all other Americans, I am troubled by the astonishing drop in the stock market in the aftermath of the bill's failure.  I fear that the outcome of the vote today was a huge gamble with our economy.  We are now reduced to hoping for the best as we navigate these very difficult challenges."

More from Bachus

From the House floor, before the defeat, Bachus warned the implications of not acting would be "companies going out of business - we've been told it would.  It can mean more bank failures - it probably will.  It will mean impairment of our parents and grandparents' pension.  I'm not willing to put that bullet in the revolver and spend it."

Bachus, unopposed for re-election, sounded the call of other supporters facing a heated campaign season: "I will take the political risk."