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Franken questions economic bailout plan
Al Franken broke with his fellow Democrats Amy Klobuchar and Barack Obama Thursday, on the issue of the Senate's financial bailout plan. "What you're seeing is everything that's wrong with Washington in one bill," Franken told reporters at the State Capitol, "And what we need is change in Washington and change in the culture in Washington." The senate candidate said he didn't fault his party's leaders for backing the Emergency Economic Stabilization bill Wednesday night. "I'm not upset with Senator Obama or Senator Klobuchar for voting for this. I'm upset that we're here," he said, "I don't think Washington came out with a good deal for taxpayers in this, it's a different judgment, and this is a hard call." The Senate added business tax breaks, and raised the limits on insured bank deposits among other features designed to draw more support in the US House. That body rejected the financial system rescue package Monday, leading to a 777 point drop in the stock market. The markets have since partially rebounded. Franken said he also understood why his rival, incumbent Republican Norm Coleman, voted in favor of the bill. But he argued that Coleman shares blame for the credit crisis because of his tacit support for the Bush Administration's hands-off policies. "What I'm upset about is that he has been part of the problem for 6 years," Franken explained, "He just was against any kind of regulatory framework to regulate these banks and these financial institutions." Franken cited the government's decision to allow multi-bank holding companies to opt out of supervision. "It took the collapse of Wall Street's largest investment banks to determine that voluntary supervision doesn't work." Coleman Campaign reacts Coleman wasn't available for interviews Thursday, but a campaign spokesman sat in on Franken's news conference and responded in rapid fire fashion. "Al Franken exercises I think a very cynical and hypocritical political attack today," Mark Drake asserted, "After all the heavy lifting, after all the work is done, Al comes in and says, 'Hey wait, listen to me, I've got something to say'." "Too late Al, you blew it, you had your chance for leadership, and you wouldn't take a stand." Drake at one point actually read to reporters from Democrat Klobuchar's statement explaining her yes vote. "As Amy Klobuchar herself said, quote, 'the revised plan addresses many of my concerns, commits less taxpayer money by releasing funds only in installments'." He added, "It's time for Al to get serious and look at all the good things in the bill." One of those additions is the Paul Wellstone Mental Health Parity Act, which would require health plans to place mental illness on par with other medical problems when it comes to coverage. Congressional front That caused at least one member of the Minnesota Congressional delegation has changed his mind on the bailout plan. Republican Jim Ramstad of the 3rd District, who voted against the original version of the bill, issued a statement Thursday afternoon supporting the Senate's new take on it. "The inclusion of our mental health parity bill, major tax relief and bank deposit (FDIC) insurance increases caused me to reconsider my position," he wrote, "There's too much at stake to let the legislation fail." Ramstad co-sponsored the mental health medical coverage bill with the late Senator Wellstone, and pledged to see it through to passage before retiring in January. Both Democrat Tim Walz of the 1st District, who helped vote down the original plan, is still mulling over the revised package. "I'm still deeply concerned that it puts an awful lot of risk on the American taxpayer that I think doesn't have to be there," Walz told KARE Thursday, "I still believe there's a real sense of trying to get this right, not just get it done right now." "We're already told they need $700 billion to solve this crisis, and the Senate adds another $100 billion we don't have." Republican Michele Bachmann of the 6th District remains dead set against the rescue plan, calling this degree of intervention costly, unneeded and unproven. "For my money the answer needs to be one that will truly address the underlying problem," Bachmann told KARE, "And because this answer lacks that basis I can't support it." She said she had no choice but to break with President Bush and fellow Republican Norm Coleman on the issue. "With all due respect to the President I disagree with him, disagree with his administration," she said, "And I think this is the wrong prescription, the wrong cure for what's ailing this economy." The United States House takes up the Senate version of the economic rescue bill Friday.
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