U.S. Rep. Spencer Bachus reconsidering his vote on economic bailout
Congressman leery of earmarks, spendingFriday, October 03, 2008 MARY ORNDORFFNews Washington correspondent
WASHINGTON - U.S. Rep. Spencer Bachus on Thursday threatened to switch sides and oppose the $700 billion economic rescue package unless it were changed to slow the spending and remove unrelated earmarks.

Bachus, R-Vestavia Hills, dug in his heels during a contentious meeting on Capitol Hill and asked that a Republican-backed amendment be given a vote on the House floor. Democrats countered that such a dramatic change to the Senate-approved bill would dangerously delay for at least another week an answer to the country's immediate economic emergency.

Ultimately, the House Rules Committee decided not to allow the Republican amendment and the controversy arose and subsided in one day, setting up a final vote possibly today in the House.

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Asked earlier if he were reconsidering his support of the $700 billion bailout of the financial industry, Bachus said, "I am."

Bachus was one of 205 members who voted for the bailout Monday when it was defeated. The Senate passed a modified version Wednesday night, and that version is now before the House.

The amendment Bachus advocated was sponsored by Rep. Steven LaTourette, R-Ohio, and would have allowed the first $250 billion to be spent as the White House asked, but the rest only after Congress approved it in November. Treasury Secretary Henry Paulson Jr. is asking for historic authority to buy troubled mortgage-backed assets from financial institutions in the hope of unfreezing the credit markets and restoring confidence in the stock markets.

While Bachus agreed that some type of rescue is necessary, he had new reservations Thursday over the details. His aggressive support of the GOP amendment, which would have stripped out a handful of earmarked spending for special local projects, raised eyebrows. Bachus is the top Republican on the House Financial Services Committee.

"I have a case of whiplash," Rep. Jim McGovern, D-Mass., told Bachus. "I thought you voted for this."

On Thursday morning, the other six members of Alabama's delegation were not showing signs of changing their votes on the modified bailout, but nothing is final until the votes are cast.

In addition to Bachus, voting yes Monday were Jo Bonner, R-Mobile; Terry Everett, R-Rehobeth; Mike Rogers, R-Saks; Bud Cramer, D-Huntsville; and Artur Davis, D-Birmingham.

The only dissenter was Rep. Robert Aderholt, R-Haleyville. His office said Aderholt is still "leaning no."

E-mail: morndorff@bhamnews.com

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