U.S. Rep. John Salazar (D-Manassa) voted against a $700 billion economic bailout package Monday, saying the bill had no provisions for repayment or to provide direct assistance to homeowners.

In a statement provided to the Grand Junction Sentinel on Monday afternoon, Salazar said Congress should remain in session to craft legislation that "doesn't leave the American taxpayer holding the bag for the excesses of an out-of-control Wall Street."

The bailout legislation, H.R. 3997, failed in a U.S. House vote Monday 205-228. Three other members of the Colorado congressional delegation also voted "no" on the bill: U.S. Reps. Doug Lamborn (R-Colorado Springs), Marilyn Musgrave (R-Fort Morgan), and Mark Udall (D-Eldorado Springs) .

Salazar's full statement:

"Our economic situation is serious. The greed and ‘anything goes' attitude exhibited by both Wall Street and Washington regulators have led us to a point where action by Congress is necessary.

"The Bush Administration came to Congress with a $700 billion taxpayer bailout plan that not only failed to protect the American taxpayer, but also demanded complete discretion on any actions taken by the Treasury Secretary. It further demanded that those actions would not be reviewable by Congress or the Courts. This proposal was quickly discarded, as it should have been.

"Congress next began negotiations with the Administration to determine if a bill could be developed that provided a boost of confidence to the markets without exposing the American taxpayer to billions of dollars of losses. Some progress and improvements were achieved over the original Bush Administration proposal.

"Unfortunately, the bill before the House today was not acceptable to me. Rather than including a mandatory way to repay the taxpayer, the bill provides only discretionary authority to a future Treasury Secretary. The bill is also deficient in that it provides no relief to homeowners who desperately want to remain in their homes but need direct assistance.

"Congress must act, but it must not rush to judgment as it has in this case. Rather than adopting this bill, Congress should remain in Washington as long as it takes to craft legislation that restores confidence in the markets and helps Main Street, but doesn't leave the American taxpayer holding the bag for the excesses of an out-of-control Wall Street."