House passes bailout; Michaud, Allen remain split

Posted Oct. 03, 2008, at 2:50 p.m.
Last modified March 20, 2011, at 6:18 a.m.

Maine’s two congressmen maintained their positions as the House joined the Senate in approving a $700 billion government bailout of the financial industry.

The final vote was 263-171 in the House.

As he did Monday, Tom Allen voted in favor of the bill Friday. Fellow Democrat Michael Michaud stood firm in his opposition.

Allen said the latest bill contains key changes to insure oversight of financial markets, eliminate golden parachutes for executives and provide opportunities for homeowners to avoid foreclosure.

Michaud said the new bill, like the original, is fundamentally flawed. He said it asks taxpayers, who were not responsible for the credit crunch, to bail out Wall Street firms that caused the mess.

Sens. Susan Collins and Olympia Snowe voted for the bill Wednesday.

President Bush signed the bill shortly after House passage.