Lautenberg and Menendez vote 'yes' on bailout measure

U.S. Sen. Frank Lautenberg (D-Cliffside Park): Politicker file photoBoth New Jersey senators - Sen. Robert Menendez (D-Hoboken), and Sen. Frank Lautenberg (D-Cliffside Park) - voted in favor of the $700 billion Wall Street bailout package, which the Senate passed tonight by a 74 to 25 margin.

In his statement issued shortly after he contributed to the bill’s passage, Lautenberg fingered President George W. Bush and deregulation as prime culprits in the financial crisis.

"It is outrageous that years of neglect by the Bush Administration, Washington Republicans and special interests have put our economy in peril while CEOs pocket millions at the expense of working families. Now we have to clean up their mess and, as economic news worsens each and every day, it is clear we need to act quickly and responsibly.

"We fought hard to make sure this economic recovery package was far stronger than the three-page blank check the Administration proposed, and as a result, today’s bill puts real limits on CEO compensation andSen. Robert Menendez (D-Hoboken) golden parachutes while establishing stronger oversight and more protections for homeowners and taxpayers. Importantly, this bill also helps New Jersey families with college tuition and property tax deductions, alternative energy tax credits and prevents more than a million taxpayers in our state from being hit by the Alternative Minimum Tax (AMT)."

Asked for a statement today about how he would vote on tonight’s bailout package, former U.S. Rep. Dick Zimmer demurred, and said he would convene a press conference on the matter on Thursday.

For his part, Lautenberg tonight said he is heartened by some of the add-ons to the bill since it debuted earlier this week.

"The consumer protections and tax relief for New Jersey’s working families and small businesses in this bill are important steps to help our economy begin to recover from this crisis," Lautenberg said. "This does not mean our work is done -- we need more reform, more direct help for struggling families and more assurances to prevent this from happening again. This bill isn't perfect, but it is real action when we need it."

Yesterday, Menendez argued that the Senate had to act or risk grave consequences. He also said he wanted to see inclusions that specifically targeted relief for the middle class.

Tonight, as he set up his own "aye" vote for the bill, Menendez said that while imperfect, the bailout bill met his threshold - for now.

"Besides strengthening our economy's foundation, it creates jobs, provides relief for struggling homeowners and will help small businesses access credit—the small businesses that create 75% of America’s jobs," Menendez said. "Tonight’s vote also provides tax relief for the middle class, by patching the AMT. It pushes for loan modifications to help struggling homeowners stay in their homes, and stop property values from falling in our neighborhoods. And this vote tonight invests in American energy, to drive down gas prices, and create American jobs that can’t be outsourced.

"This plan isn't perfect—but it is necessary," the senator added. "We still have a long way to go toward tackling the root of this crisis, which is the housing market. I’d like to see us set the goal of saving at least 1 million families from foreclosure. And we still have a long way to go to establish a strong regulatory enforcement that I have called for in the past that prevents the kinds of abuses that got us into this situation in the first place. But again, doing nothing is not an option."