Colorado Delegation Still Weighing Plan

Press Release

Colorado delegation still weighing plan

By Jeff Kass

Most members of the Colorado Congressional delegation contacted Sunday night were still studying the proposed $700 billion financial bailout, while one indicated she was "likely" to support it.

Others could not say how they would vote at this point, but the fiercest opposition appeared to be coming from Republicans.

Rep. Diana DeGette, D-Denver, took the clearest stand in support of the proposal saying, "I'm likely to vote for it, although I don't like it."

DeGette said that opposing the bill would mean "financial disaster" as credit, pension funds and college funds dried up.

She supported the bill given oversight controls, the spending of money in phases and on an as-needed basis, and the hope to break even or even profit on the investment as conditions improve.

The harshest criticism came from Rep. Marilyn Musgrave, R-Fort Morgan. She said in a written statement, "this is still a bailout for Wall Street that will cost the average Colorado household thousands. I simply cannot stomach transferring that kind of money from middle class families to a bunch of Wall Street bankers whose avarice and greed put us in this situation in the first place."

But Musgrave also indicated she will "continue to monitor developments."

Two of Colorado's nine Congressional members - Rep. John Salazar, D-Pueblo, and Republican Sen. Wayne Allard - could not be reached for comment Sunday night.

Democrats generally indicated they were still poring through the details of what Rep. Ed Perlmutter, D-Golden, said was a 110-page draft.

Perlmutter called the draft - which he expected to mirror the final bill - "A vast improvement from what (Treasury Secretary Henry) Paulson and the Bush administration proposed."

But he still cited a number of concerns about whether it would provide the right economic spark and protect taxpayers.

"The question is," Perlmutter added, "is it enough?"

Democrats tended to indicate that they had a set of principles in mind as they sifted through the details. Those principles included limits on CEO compensation for companies participating in the bailout, and recovery or profit on the bailout money.

When asked whether $700 billion was enough, a spokesman for Democratic Sen. Ken Salazar said, "That's still a question that needs to be answered."

Spokeswoman Tara Trujillo said Rep. Mark Udall, D-Eldorado Springs, also wanted to listen to debate on the bill today before making a decision.

Rep. Doug Lamborn, R-Colorado Springs, issued a statement saying "there are still some serious issues that have not yet been resolved."

Rep. Tom Tancredo, R-Littleton, is "opposed to the whole idea" of a bailout but remained undecided on how he would vote, a spokesman said.

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