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U.S. Sen. Saxby Chambliss defended his vote
in favor of the $700 billion bailout plan Thursday, saying the
much-criticized package was needed to avert a "slide down
into a financial depression."
"We've got a crisis in this country and
in the financial community," Chambliss told reporters at
Hartsfield-Jackson Atlanta International Airport. "Taking no
action is simply not an option."
The Republican, who faces re-election
against Democrat Jim Martin, is in tricky territory as he tries to
explain his support for the bailout.
Martin is attacking the vote as a
"typical Washington solution" that saddles taxpayers
with the debt. Georgia's seven House Republicans all voted against
the chamber's version of the plan that was defeated Monday.
There are signs some GOP candidates in
Georgia may be using the bailout as campaign fodder. Congressional
candidate Rick Goddard has criticized Democratic Rep. Jim Marshall
for supporting the package.
Chambliss' campaign has aggressively put him
forward to explain his vote on the plan, which the Senate passed
by a 75-24 margin Wednesday after adding tax provisions aimed at
winning over dissenting House members.
He made his remarks Thursday just minutes
after arriving on a plane from Washington, and he planned to spend
the next two days traveling to Georgia media markets to answer
questions on the bailout.
The senator said he's heard from several
major Georgia businesses who worry about meeting payroll amid the
financial crunch. He also said he's hearing more support for the
bill after the stock market plummeted 777 points the day the House
defeated the measure.
"The stock market plunge on Monday was
a serious wakeup call," he said.
At first, he said, there were 50 calls
against the bailout package for every one call that came in for
it. But the tide has swiftly changed, he said. "Now we are
getting many more calls from people who say, 'Thank you.'"
Martin, meanwhile, blasted Chambliss for
agreeing to a bill in haste that may not solve the nation's
financial crisis.
"The only thing worse than having to
pay $700 billion today would be having to pay another $700 billion
tomorrow because Washington and Saxby Chambliss could not find the
courage and common ground to stand up and make a real change in
the system," he said.
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