John W. Olver: “I cannot support a bailout for poor preparation and bad foreign policy. The President squandered the $79 billion that…”

“I cannot support a bailout for poor preparation and bad foreign policy. The President squandered the $79 billion that Congress appropriated in April. He is now requesting an $87 billion blank check, and I will not vote to sign it. This year, America will run the largest deficit in our history--more than $475 billion, excluding the President's request for Iraq. The $87 billion would be better used to create jobs and improve health care and education for Americans. The substitute to the President's request offered by Congressman David Obey in the Appropriations Committee is a far better alternative. The Obey substitute insists on accountability and transparency for the expenditure of reconstruction dollars and encourages support from other nations thereby reducing the burden on American taxpayers. Unfortunately, the Obey substitute was rejected in the Appropriations Committee and Republican leadership has blocked it from consideration by the full House. But the Obey substitute offered the best plan for fixing the chaos in post-war Iraq. I voted against the original bill authorizing the President to use force against Iraq, but once our troops were put in harms way I, like all members of Congress, have done everything necessary to support our troops.”