Brown-Waite: No on bailout
Brooksville Republican Ginny Brown-Waite took the U.S. House floor moments ago to blast the financial rescue plan. A spokesman confirmed she will vote against the so-called $700-billion bailout despite intense arm-twisting among Republican party leaders, including the Bush administration.
"This isn't legislation, this is extortion," Brown-Waite said.
Among her reasons: the expansion of the national debt ceiling to $11.3-trillion from $10-trillion; uncertainty on how any potential "profits" would be spent; and the treasury secretary's ability to buy bad assets from foreign banks.
A formal vote should take place soon.
--John Frank, Times staff writer