Illinois lawmakers react to bailout

September 26, 2008 5:22:16 PM PDT
Members of Congress and the Bush administration continue working on a bailout plan to protect the entire US financial system. But ABC'S George Stephanpoulos reports that sources say it's unlikely there will be a Senate vote on any plan before Wednesday.

Earlier today President Bush urged lawmakers to "rise to the occasion" and complete a deal.

Members of Illinois' congressional delegation say they're willing to work as long as it takes. Their priority is making sure that any deal doesn't reward Wall Street executives or punish taxpayers.

"What you're seeing was sort of a freight train feeling that the administration had at the beginning of the week and their attitude was you're either on the train or under the train there's a lot of us saying 'we need to slow this train down,'" said Rep. Peter Roskam (R), West & Northwest Suburbs

"If we're going to solidify our economy then the people at the base of the economy, working families, middle income families trapped in mortgages that are leading to foreclosure, need a helping hand," said Sen. Dick Durbin (D), Illinois.

"What we're trying to do on the Republican side is to come up with a plan so that the people that caused the problem would be the ones also that would incur the risk," said Rep. Donald Manzullo (R), Rockford.

"We have to step back look at the lack of regulation that contributed to this and we have to fast track authority to make sure greater oversight is in place," said Rep. Melissa Bean (D), Far North Suburbs

"Wall Street got drunk and now they want America to cure the hangover. That's just not going to happen," said Rep. Luis Gutierrez (D), Chicago.

On Friday evening House Speaker Nancy Pelosi said progress is being made.


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