Local House delegates digesting bailout

October 2, 5:18 PMHouston Politics ExaminerBrandon De Hoyos

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As all eyes are fixed on Capitol Hill for a resolution to the country’s banking crisis, Houston’s House representatives are considering the details of the Senate’s bailout bill on the eve of their second vote.

While spokespersons for Rep. Ted Poe (R-2), John Culberson (R-7), Michael McCaul (R-10) and Nick Lampson (D-22) said they could not speak to their principle's decision prior to the vote, all said the congressmen were busy digesting the contents of the legislation as the House Rules Committee met this afternoon to consider the bill. 

The entire Houston congressional delegation voted in opposition of the bailout Monday as the House first considered the bailout, with the exception of Rep. Kevin Brady (R-8), of The Woodlands.  The House will vote on the bailout again Friday. 

Judith Kargo, communications director for Rep. Sheila Jackson-Lee (D-18), said the Houston congresswoman opposed the legislation initially as provisions assisting homeowners experiencing foreclosures were absent from the bailout plan. 

Jackson-Lee, who appeared on Fox News to discuss the bailout Thursday, has received few calls from constituents but received more accolades for her vote against the bill from bailout opponents than requests for her support, Kargo said.

Kargo was unaware if the representative had changed her decision for the bailout. 

McCaul press secretary Mike Rosen told the Examiner in brief the congressman, whose district stretches from Tomball to Austin, opposed the legislation Monday because he did not support “using taxpayer dollars to bail out irresponsible banks.” 

The Senate passed the bailout by a vote of 74 to 25 Wednesday authorizing the U.S. government to purchase up to $700 billion in debt from ailing banks and financial institutions, in addition to raising the amount of FDIC deposit insurance from $100,000 to $250,000. 

The bill also offers $110 million in tax relief benefits, previously supported by Republicans in both houses, including credits for victims of natural disasters, in addition to alternative energy incentives and other business tax cuts.