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For Immediate Release
Saturday, September 27, 2008

McCotter Warns Hasty Bailout Deal Will Lead to GOP Political Dead Pool in November

WASHINGTON, D.C. — Republican House Policy Chairman, Representative Thaddeus McCotter (R-MI) – the first Republican member of Congress to publicly oppose Wall Street’s $700 Billion Bailout – today warned artificial deadlines set during the bill’s negotiations could risk finding a pro-taxpayer solution; the passage of any ‘agreement’; and a complete American economic meltdown.

McCotter issued the following statement:

“There must be no rush to misjudgment regarding this critical threat to America’s economic future for generations to come.  All Americans want responsible progress toward a positive, pro-taxpayer solution, such as those included in the House Republicans’ Cantor-Ryan legislation.  With full focus, Congress is presently proceeding on this course.

“With some Republican leaders of Congress imposing an arbitrary deadline of Sunday at midnight on negotiations, the results could prove disastrous for all Americans.

“First, by irresponsibly raising investors’ expectations of an agreement, the failure of Congress to reach a deal by such a deadline could spark the very economic meltdown we are trying to stop.

“Secondly, the irresponsible desire to meet a deadline solely for the sake of  meeting  a deadline will produce an ‘agreement’ that does NOT protect taxpayers from this bailout.  Thus, the public will be outraged a month before the election; principled House Republicans will view any internal whip count as a political dead pool; and the irresponsible, anti-taxpayer ‘agreement’ will fail.  This avoidable outcome, too, could lead to a catastrophic economic meltdown.

“Thus, there must be responsible Congressional progress toward a pro-taxpayer solution in a timely fashion, such as is found in the Cantor-Ryan legislation.   While keeping its head in a crisis is not Congress’ forte, it must swiftly work toward this constructive outcome on behalf of the American people’s present and future prosperity.”

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