By JOE LoTEMPLIO
PLATTSBURGH -- While many issues are being debated in this year's congressional races, the recent bailout of Wall Street is getting the most attention.
Michael Oot, the Democratic challenger in the 23rd District, says he would not have supported the version of the federal bailout that Congress passed earlier this month.
"They put $158 billion of pork in it," he said.
"While there may be a need to come to the rescue of Wall Street, we also need an economic-stimulus package that puts money in the wallets of middle Americans."
Critics of the bailout have voiced concern that too much of the $700 billion package is going toward bonuses for executives in the companies that have contributed to the financial meltdown of Wall Street.
Oot's opponent, incumbent Republican John McHugh, said that if Oot did not like the final version of the bill, he can blame Democratic House leaders for what it included.
"I agree that this bill was not the place to carry these provisions. They should have been separated, and they probably would have passed on their own, but the Democratic leadership precluded us from taking them out," McHugh said, who voted to approve the bailout package.
"So if Mr. Oot has a problem with that, then he should really talk to the Democratic leadership because they made the call."
Oot said corporations simply do not have a conscience and that deregulation of financial markets in 1999 led to the financial crisis because corporations have little or no rules to hold them back from greed.
"They (corporations) have no moral guidance unless we give them a moral path they have to go down."
The bailout should include specific measures to ensure that corporations do not again fritter away public money, Oot said, adding that district residents are furious over the situation.
"It doesn't look like they (Congress) have a plan. They are just throwing money at it," he said.
"We need a moratorium on mortgage foreclosures until we can help out the guy who was the victim of this failure."
McHugh said the bailout package, while not perfect, should help stop the bleeding on Wall Street and help many Americans.
As for "pork" money being included in the bill, McHugh said he adamantly opposed that idea.
"All of us are relying on Secretary (Henry) Paulson to make sure this money goes to where it is supposed to go," McHugh said. "And that's not for bonuses and hot-tub retreats."
McHugh is one of 30 members of both parties in Congress who are asking for the Attorney General's Office to conduct a criminal investigation of the conduct of the financial industry.
"I am outraged at all of this," McHugh said. "Congress is being asked to step forward and make up for the sins of others, and no one is accountable."
The 23rd District encompasses 11 counties from Lake Champlain in the east to Lake Ontario in the west.
It is the largest district geographically east of the Mississippi River.
McHugh, 60, from Pierrepont Manor in Jefferson County near Watertown, has held the seat since 1993.
Oot, 59, is an attorney from Madison County near Syracuse.
jlotemplio@pressrepublican.com
