Wall Street bailout: Allen calls for quick relief, Michaud calls for better taxpayer protection

U.S. Rep. Tom Allen (D-Portland) responded to the failure of the Wall Street bailout bill with the following statement:

“It is unconscionable that the House failed to reach consensus on legislation to stabilize financial markets as America stands on the brink of the worst economic crisis since the 1930s.  The jobs, the savings, the homes, the educational opportunities and the retirement security of millions of Americans are at risk. People are angry about the lax regulation and lack of oversight that allowed this situation to develop.  I share their outrage and understand that it will grow even more if Congress allows the economic situation to deteriorate even further.”

Allen voted for the bill. U.S. Rep. Mike Michaud (D-East Millinocket) voted against it.

According to the Portland Press Herald, Michaud said that he wanted better protections for taxpayers.

"Instead, we kept the original White House framework and leaders attempted to add sweeteners to the bill in order to gain votes," he said.

The Press Herald has more from U.S. Sen. Susan Collins (R-Bangor), U.S. Sen. Olympia Snowe (R-Auburn) and political science professors. Check out the full story here.