By By Kerry Whipple Bean – publisher
U.S. Rep. Jo Bonner said in a message to constituents Tuesday that negotiators are continuing work on an economic rescue plan, one day after the bill failed in Congress.
With the country's economic crows “coming home to roost,” Bonner, R-Mobile, said he had no choice Monday but to vote in favor of a $700 billion measure to shore up U.S. markets and stop a credit crisis.
The Dow Jones industrial average dropped 777 points Monday, but markets skyrocketed back up nearly 500 points Tuesday.
In an e-mail report Tuesday, Bonner said it appears the House will return later this week to continue working on a plan.
In his Monday letter, Bonner wrote that although he is a strong believer in “free-markets, limited government and personal responsibility,” he also believed that not acting would lead to a significant economic downturn. “Regretfully, the crows are coming home to roost, and credit is drying up throughout all sectors of our economy,” he said.
Bonner said he had received many phone calls from constituents about the bill, including one from a man in Theodore who had been saving money for his daughter to attend college.