The $700 billion bailout plan, intended to ease the strain on Wall Street and the financial markets caused by subprime mortgages and other problems, received little help from the Kansas congressional delegation yesterday.

Kansas Liberty surveyed the representatives and found little regret for the votes, no matter which side of the argument they supported.

Rep. Dennis Moore, a Democrat from Lenexa, was the lone Kansas supporter of the legislation, which ultimately failed 228-205 in Congress.

“I voted for this bipartisan compromise because it took the necessary steps to protect American taxpayers, including a recoupment provision to ensure that every dime of taxpayer money is paid back in full,” Moore said in a press release. “[The] bill also included provisions to ensure aggressive congressional and judicial oversight of the rescue programs, as well as no taxpayer-funded ‘golden parachutes’ for careless Wall Street CEOs."

Moore said he felt compelled by the events on Wall Street to support the bailout. "Make no mistake, inaction is not an option," he said. "The Dow dropped 777 points and our economy hangs in the balance as the choking off of credit will only increase the costs and difficulties for anyone who borrows to pay a mortgage, college tuition, buy a car, or purchase small business inventory. This will adversely affect retirement plans and seniors who are retired.”

Moore would urge Congress to remain in session until the economic issues were addressed, he said.

Rep. Jerry Moran, a Republican from Hays, issued a statement saying, "I voted against this bill, but I expect some version of this legislation to be considered in a few days. Clearly, our country is facing very difficult economic times.  We have known there was a day coming when there would be consequences to the amount of debt on the books of individuals, corporations and our nation.”

Moran said he was not indifferent to the economic hardships some faced, but didn't want to support legislation that he felt might makes things worse in the long run. “While I want to take every step to avoid everyday Kansans from suffering the consequences of problems on Wall Street, I am opposed to legislation which brazenly shifts the burden of risk from Wall Street to taxpayers, he said. "This legislation authorizes an increase in our national debt to $11.3 trillion dollars. There is no moral high ground in requiring another generation of Americans to pay for our failures, with interest. Moreover, the plan does not provide the fundamental reforms to our economy needed to avoid additional problems from occurring.”

Rep. Nancy Boyda, a Democrat from Topeka, voted against the bailout in reaction to President George W. Bush. In a statement on her website, she said, "“President Bush is asking Congress for sweeping new power with no judicial review, no effective oversight, and no real limit on the money that can be spent."

Bush, Boyda said, was "trying to ram it [the bailout] through with little debate by sowing fear and anxiety. I don’t like those tactics, and I don’t like his proposal."

Rep. Todd Tiahrt, a Wichita Republican,  issued a statement saying, "I cannot support a sell-out plan that throws our money at a problem without addressing the reasons our markets are in this situation. This is a bill of no reforms that raises our national debt by $1.3 trillion – more than 10 percent. But that is what should be expected when Wall Street greed gets together with Washington insiders to craft the largest corporate bailout plan in our history."

Tiahrt said he was aware of the conseuqneces of his vote. "Although this is a difficult decision given market uncertainties," he said, "there are better solutions than the one being pushed by President Bush and Democrat leaders in Congress."

The bailout package  was supported by the U.S. Chamber of Commerce. The Kansas Chamber of Commerce, however, is not taking sides.

“We don’t have a position on that,” Jeff Glendening, vice president of political affairs for the Kansas Chamber of Commerce, told Kansas Liberty.

According to reports, neither John McCain nor Barack Obama have issued statements on how they would vote on the measure.

The market seemed to make its own decision. After losing more than 777 points Monday, the Dow jumped more than 400 points Tuesday.

The Week in Review