Gregg Urges Support for Bill

Posted September 28, 2008 at 3:37pm

Senate Budget ranking member Judd Gregg (R-N.H.) said Sunday afternoon that Congress will pass the financial rescue plan, as he and other lawmakers tried to rally support for the legislation on Capitol Hill.

“The option of not passing it is not acceptable,” Gregg said, stressing that the bill must be passed swiftly.

“This is a good product. It’s a critical product. The option [of not doing it] is an event that which we don’t even want to conceive. The downside of not doing it is potentially such a catastrophe,” Gregg said.

The New Hampshire Republican also suggested that after the House passes the measure, the Senate move immediately to pass it. He said a Senate vote could come as early as Monday night. The House is expected to bring the bailout plan to the floor sometime Monday.

Amid continuing grumbling from members of his own party, Gregg stressed that this was a necessary bailout of Wall Street financial institutions and that it also affects ordinary taxpayers.

“This is about Main Street. It’s about America. It’s really about what the whole fabric of American life. It’s about the commerce of America,” said Gregg, who served as the Senate Republican representative in the negotiations.

He also said there would be no changes in the language, saying “that everyone got pretty much what they wanted.”