Carolinas U.S. Senators Split on Bailout Bill

The economic rescue legislation passed easily by a 74-25 vote

By: Fred Cunningham | News Channel 7
Published: October 02, 2008

The four United States Senators from the Carolinas split their votes on the bailout bill that was passed by that body Wednesday night.

South Carolina Senator Lindsey Graham and North Carolina Senator Richard Burr voting for the measure. Jim DeMint of South Carolina and Elizabeth Dole of North Carolina voted against the bailout.

The economic rescue legislation passed easily by a 74-25 vote with Massachusetts Senator Edward Kennedy not voting.

"Unfortunately, we have many difficult days ahead as our economy tries to regain its footing," said Senator Graham (R-SC) in a statement before the vote. "This package will not solve all of our economic problems. But without it, the American taxpayer will face even greater exposure."

"While the need for the legislation is regrettable," said Senator Burr (R-NC), "I am heartened that the plan before the Senate includes very important protections for taxpayers, limits on executive compensation for Wall Street and strong measures to ensure proper oversight."

But the other two lawmakers were strong with their rejection of the plan.

"I just do not believe that this bill gets the job done," said Senator DeMint (R-SC) before the vote. "In fact, in the long term I'm convinced this bill will do more harm than good."

"I was against the Administration's original plan," said Senator Elizabeth Dole (R-NC). "I was against the bill that failed in the House. This latest revision is an improvement but still contains the flaws of the earlier proposals, and I will not support it."

Dole says unrelated spending additions have raised the cost of the package to $800 billion and raises the U.S. debt ceiling to more than 11 trillion dollars.

Senator Burr's website provides the 425-page bill in question, which you can read by clicking here