U.S. Rep. Tom Tancredo (R-Littleton) bucked his constituents Monday by voting for a $700 billion economic bailout plan,saying in a statement that he was worried many people "would pay the price for the excesses of others."

Tancredo was the only one among Colorado's three Republican members of Congress to vote for the bill. Democrats Ed Perlmutter (D-Golden) and Diana DeGette (D-Denver) also voted "aye."

The bill, H.R. 3997, was defeated 225-208.

Tancredo's full statement:

"After significant reflection, I have voted for the "bailout" plan designed to stabilize the markets and restore some degree of confidence to investors.  I did so even though a significant majority of the calls and emails we received came from folks who were opposed to the measure.

"For the record, I receive no support from big banks, Wall Street investment houses or corporate executives.  I was not individually lobbied by any of the Congressional leadership to vote for the bill.  And I have no job offer from any entity connected with the any organization that would benefit from the bill.

"I made the decision because I fear the folks who did everything the right way - those who paid their bills and lived within their means - would pay the price for the excesses of others.

"A careless smoker who starts a fire in his house may deserve to suffer the consequences.  We could refuse to call the fire department and take solace in the fact that the careless smoker will lose everything - but if we do not act, the embers from the fire caused by his irresponsibility may land on homes throughout the neighborhood.  In order to save our homes, we must put water on the fire started by the careless smoker."