October 3, 2008 - 13:42
News: Colorado

Revised bailout package passes U.S. House; Colorado delegation doesn't change votes

A second attempt at a financial bailout package finally passed the U.S. House on Friday -- but not becauseany members of the Colorado delegation switched their votes.

The four U.S. House members from Colorado who voted against the initial bailout package on Monday also voted against the revised bill Friday: U.S. Reps. Doug Lamborn (R-Colorado Springs), Marilyn Musgrave (R-Fort Morgan), John Salazar (D-Manassa), and Mark Udall (D-Eldorado Springs).

U.S. Reps. Diana DeGette (D-Denver), Ed Perlmutter (D-Golden), and Tom Tancredo (R-Littleton) voted for the revised bill, just as they supported the initial bailout package on Monday.

Udall told reporters minutes after the House vote that the legislation "was basically the same bill" and included no provisions for companies to pay back the money after becoming profitable again, independent oversight of the bailout, helping homeowners avoid foreclosure, and preventing taxpayer money from being used for "golden parachute" severance packages for executives of failing companies.

"I think what we should have done is kept working together to get a better bill," Udall said. "That was the point of my vote on Monday; it's the point of my vote today."

Udall said there was "one improvement in the bill" over the legislation rejected on Monday: a temporary increase in the FDIC insurance limits for bank deposits.

"The rest of the bill is hundreds of pages of sweeteners to try and buy people's votes," he said.

Jeremy Pelzer is a PolitickerCO.com Reporter and can be reached via email at noreply@politicker.com.

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