Official Statement from Garrett

This is the official statement of Representative Scott Garrett on the failed bailout bill:

"Congress has been faced with making a grave decision for the future of our country and the welfare of American families. Citizens across the country are anxious for the current economic crisis to end, however I had serious doubts about the ability of the Bailout bill to accomplish that goal. What I am certain of, however, is that this bill would have set a precedent for government intervention in the marketplace, added to the ever increasing national deficit, and increased the chances that inflationary pressures would impose what is surely the cruelest tax on families.

"As a result of these concerns, I have voted against the Economic Stabilization Act of 2008. I have instead chosen to join with over 30 of my colleagues in cosponsoring the Economic Rescue Alternative Plan introduced on the floor today.

"Prior to this bill coming to the floor for a vote today, I was very outspoken about the need for in-depth discussion and hearings among Members of Congress to determine the best plan of action for the American taxpayer. It is my hope that we can now progress forward in productive bipartisan negotiations to formulate a better piece of legislation."