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Alabama Senator Leads GOP Charge Against Bailout

Posted Sep 24, 08 2:03 AM CDT in Politics Business 

(Newser) – Republican Alabama Sen. Richard Shelby is proving to be one of the toughest opponents of the Treasury Department's proposed bailout of financial firms, the Wall Street Journal reports. The ranking member of the Senate Banking Committee is leading the charge against the plan by Republicans who view it as a sellout of conservative principles.

Shelby is no stranger to bucking his own party. He quit the Democrats for the GOP in 1994 after a clash over Bill Clinton's tax increases. He put Treasury head Henry Paulson on the spot during Senate questioning of the bailout plan yesterday.  "You assume it will work," he said. "But you can't assure us that it's going to work, because you thought some of the other plans were going to work."
Source: Wall Street Journal

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Senate Banking Committee Chairman Sen. Christopher Dodd (D-Conn) and the committee's ranking Republican, Sen. Richard Shelby, (R-Ala.) talk on Capitol Hill yesterday.   (AP Photo/Susan Walsh)
Senate Banking Committee Chairman Christopher Dodd (D-Conn) and Sen. Richard Shelby (R-Ala) listen to testimony in Washington yesterday.   (AP Photo/Susan Walsh)
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I've never supported a direct bailout. I voted against Chrysler when I was a freshman congressman. They said, 'Chrysler will fail.' Maybe if it had failed then we wouldn't have the problems facing us today. - Sen. Richard Shelby

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