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WASHINGTON -- Rep. Virginia Foxx, R-N.C., plans today to vote against the $700 billion plan to purchase toxic Wall Street debt, her spokesman said this morning. The plan is likely to come up for a vote in the House early this afternoon.
It was not immediately clear exactly why Foxx planned to vote no.
Last week, she said she had deep reservations about putting taxpayer money at risk to allow the government to purchase securities, mostly those tied to bad mortgages. Administration officials and Democrats say the debt purchase plan is the only way to fix deep problems in the credit markets and thus prevent a stock market meltdown.
Foxx said Friday that she backed an alternative plan, put forth by House conservatives, to set up a system of government insurance for troubled securities funded by Wall Street that would have put less taxpayer money at risk.
Administration officials, Democrats and many economists warned that system would not solve the underlying problem in the credit markets the bailout plans is designed to fix.
An element of that insurance proposal was built into the package the House will vote on today.
It was not immediately clear exactly why Foxx planned to vote no.
Last week, she said she had deep reservations about putting taxpayer money at risk to allow the government to purchase securities, mostly those tied to bad mortgages. Administration officials and Democrats say the debt purchase plan is the only way to fix deep problems in the credit markets and thus prevent a stock market meltdown.
Foxx said Friday that she backed an alternative plan, put forth by House conservatives, to set up a system of government insurance for troubled securities funded by Wall Street that would have put less taxpayer money at risk.
Administration officials, Democrats and many economists warned that system would not solve the underlying problem in the credit markets the bailout plans is designed to fix.
An element of that insurance proposal was built into the package the House will vote on today.