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Local lawmakers split on failed bailout
By Joseph Ryan | Daily Herald Staff

U.S. Rep. Judy Biggert, Hinsdale Republican

 

Janice D. "Jan" Schakowsky

 

U.S. Rep. Peter Roskam, Wheaton Republican

 

U.S. Rep. Mark Kirk, Highland Park Republican

 

U.S. Rep. Melissa Bean, Barrington Democrat

 

U.S. Rep. Bill Foster, a Geneva Democrat

 

U.S. Rep. Don Manzullo, Rockford Republican

 

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Published: 9/29/2008 1:57 PM | Updated: 9/29/2008 5:36 PM

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Suburban congressional lawmakers split Monday on the $700 billion economic bailout deal that failed and sent markets tumbling.

Suburban Republicans, aside from U.S. Rep. Mark Kirk of Highland Park, voted against the bailout. Democrats Melissa Bean of Barrington, Bill Foster of Geneva and Jan Schakowsky of Evanston voted for it.

The votes against the measure included Republicans Peter Roskam of Wheaton, Don Manzullo of Rockford and Judy Biggert of Hinsdale.

Opponents were quick to defend their decision as a support of taxpayers and not a move toward all-out economic turmoil.

"We will see our way through to the other side of this crisis," Roskam said. "These are trying times with enormous challenges, but challenges we can meet."

Like other Republicans who opposed the measure, Biggert said the plan just didn't go far enough to ensure taxpayers could recoup the $700 billion.

"There really are a lot of other options. We just haven't been allowed to look at them," said Biggert. "We do need a plan. We do have to act."

In the days leading up to the vote, many in the Illinois suburban delegation wouldn't reveal their hand in the debate, saying they where unsure how they would vote until the legislation was crafted and released.

Yet, all of them called for taxpayer protections and railed against the need for Main Street to come to the rescue of Wall Street.

A few, however, made their side clear early.

U.S. Rep. Melissa Bean, whose 8th District includes Treasury Secretary Henry Paulson's home, is said to have played a low-level negotiating role in recent days.

From the start, Bean was working to win support for Paulson's $700 billion plan.

"The crisis continues and we still have a responsibility to act," Bean said after the vote.