COLUMBIA — As each promised in Wednesday afternoon statements, Sens. Claire McCaskill, D-Mo., and Kit Bond, R-Mo., voted to pass a bill that would allot the U.S. Treasury $700 billion to stabilize the country's financial system. The bailout bill passed the Senate 74-25 in a Wednesday evening vote.
"I share Missourians' anger over this financial emergency, but I fear without immediate action, this crisis will spread to Main Street, hurting workers who may not get paychecks, small businesses who may fail, farmers who may not get operating loans and families who may not get the home loans, car loans or student loans they need," Bond said in a post-vote statement.
Earlier Wednesday, Bond outlined his support for the amended bill, citing its "oversight to protect taxpayers, accountability so failed CEOs don't get golden parachutes and transparency so families can know their money is safe."
During a telephone press conference Wednesday morning, McCaskill had said she would "hold her nose" and vote for the bill because it is "all about Missouri businesses."
After the Senate vote, McCaskill's Web site published this statement: "This bill stinks, but the alternative is much worse. While many Missourians may not feel it yet, with no action most of the people that live in my state will be harmed, many significantly, in a matter of months. I’m proud at least that we said 'no' to the ridiculous proposal of the Bush administration."
She went on to say, "While our government will buy troubled assets, we now have a plan that will not reward the greedy yahoos at these financial institutions and give taxpayers a realistic chance of actually making money on this deal.”
The bill may reach a vote in the House by the end of the week. An earlier version of the bailout effort failed in the House on Monday, with Missouri representatives voting 5-4 against its passage.