KLTV 7 speaks to Congressman Louie Gohmert about failed bailout bill - KLTV.com - Tyler, Longview, Jacksonville |ETX News

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KLTV 7 speaks to Congressman Louie Gohmert about failed bailout bill

The $700 billion bailout bill is a no-go. This afternoon, the House of Representatives shot down the proposed bill that was designed to rescue the country's failing financial institutions. But some lawmakers, including two east Texas Congressmen say the plan was too much bail out and not enough work out. As KLTV 7's Molly Reuter explains, they have an alternative plan, which they hope will now get the attention it deserves.


The House began debating the bailout plan early this morning, including our very own east Texas congressmen.

"I fear that taxpayers may inherit the mother of all debts," said Jeb Hensarling.

"If you do this you are going to start the dominos falling," said Louie Gohmert.

Today, Congressman Louie Gohmert got red in the face expressing his disapproval for the plan.

"Please, please don't betray this nation's great history."

He says putting the control into Secretary of the Treasury Henry Paulson's hands is a mistake.

"It violates all the principals of which our nation was founded. We are going to come back, we are going to provide a better answer then Secretary Paulson, or King Paulson as he is now being referred to as, and we are going to do it the American way, not to proclaim a dictator with a checkbook," said Gohmert.

Gohmert says Congress should focus on insuring troubled debt rather than buying it, something that was included in today's proposed bill, but was not a requirement.

Congressman Jeb Hensarling says there needs to be more protection for taxpayers.

"We hope that we can go on, that we can address the taxpayer's crisis as the American citizen is look at the largest tax increase in American history. The spending crisis of an out of control congress, the energy crisis where we see too many of our fellow citizens struggling to pay their bills," said Hensarling.

Until then, Gohmert says it's no time to panic.

"I would urge people don't go rushing and pull your money out of the stock market, don't go rushing and pull your money out of the banks because you are going to create a problem that doesn't need to exist," said Gohmert.

If you'd like to read the Republican House Committee's alternative plan in its entirety, click here.

Molly Reuter, reporting. mreuter@kltv.com  

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