Smith to support bailout bill, lashes out at Merkley for campaign tactics

U.S. Sen. Gordon Smith will be supporting a Senate version of a $700 billion taxpayer bailout for troubled financial institutions, according to a statement released by his re-election campaign Wednesday evening.

Smith said that he worked across the aisle to help create the Senate version of the bill, his campaign said. According to CNN, the bill, which the Senate plans on voting on Wednesday night, will call for slightly more than the $700 million of taxpayer money originally suggested to rescue failing Wall Street firms, but it will also include more provisions that make sure taxpayers get their money back.

Smith also chastised his opponent, Oregon House Speaker Jeff Merkley (D-Portland) for campaigning against him on the issue before Smith even made up his mind.

“My opponent, in opposing the rescue plan, has shamefully placed his partisan ambitions ahead of the retirement, financial and economic security of the people he seeks to serve,” Smith said in a statement. “That’s not what Oregonians expect their Senator to do.“

Smith went on to say that action was necessary to ward of an even bigger economic crisis.

“There can no longer be any doubt that our nation faces an economic crisis, a crisis that is already hurting Oregonians,” Smith said. “This plan isn’t perfect, but it does five things important to every Oregonian. First, it will stabilize financial markets and financial institutions and ensure access to loans for businesses, families, farmers and students. Second, it extends hundreds of millions of dollars to Oregon’s rural counties to fund schools, police, fire and other critical services over the next four years. Third, it holds Wall Street accountable for their mismanagement and ends golden parachutes for CEOs. Fourth, it protects taxpayers and homeowners by allowing them to ultimately profit from their investment and protects them from unfair foreclosure. And fifth, it will begin to restore consumer, homeowner and investor confidence in our economy.”

Calls to Merkley’s campaign were not immediately returned.