financial crisis

David Schweikert, former Maricopa County treasurer and the Republican candidate in the 5th Congressional District race, blasted the financial bailout bill that was passed by the U.S. House today, saying some of the legislation's components "make the hair stand up on the back of your neck."

Schweikert's main opposition comes from the "amount of pork that was rolled into it."

"This is one of the most important votes in modern history,"  Schweikert told PolitickerAZ.com, "and it's full of crap."

U.S. Rep. John Shadegg (R-Phoenix) and Bob Lord, his Democratic challenger in the 3rd Congressional District, have found common ground in their support of the bailout package that passed the U.S. House Friday and was quickly signed into law by Pres. Bush.

Lord and Shadegg both announced Thursday they supported the revised bill, which supporters say toughens protections for taxpayers but leaves much of the framework of the original proposal in place. Their reasons for endorsing the legislation were remarkably similar on key points, given the hostility that has pervaded the campaign so far.

Shadegg joined 262 other members of Congress in backing the bill, which passed with an overwhelming majority in a vote Friday morning. He voted against the original version, which narrowly lost a House vote Monday due to bipartisan opposition.

State Sen. Pres. Tim Bee (R-Tucson) attacked his 8th Congressional District opponent, U.S. Rep. Gabrielle Giffords (D-Tucson) in a statement Tuesday, criticizing her for returning home after Monday's vote on the failed financial rescue bill.

"She urged Democrats and Republicans to 'put election-year politics aside' and develop solutions," said Bee in a statement, "while, according to the Arizona Daily Star, 'she hopped on a plane for Tucson to ... campaign against her Republican challenger, Tim Bee. Numerous efforts to reach Giffords were unsuccessful.'"

The full quote from the Arizona Daily Star article read: "Instead she hopped on a plane for Tucson to celebrate the Jewish New Year and campaign against her Republican challenger, Tim Bee." Rosh Hashanah began Monday night and ends Wednesday night.

Two Arizona congressmen who usually wind up on opposite sides of big votes are sounding strikingly similar complaints with the Wall Street bailout bill, which came before Congress Monday and which both legislators voted against.

U.S. Reps. Harry Mitchell (D-Tempe) and John Shadegg (R-Phoenix) released separate statements after Monday morning's vote, but they agreed on key points. 

U.S. Rep. John Shadegg (R-Phoenix) was first with a statement, blaming U.S. Treas. Sec. Henry Paulson and the Democratic leadership for not having an open process during the negotiation.

Shadegg said he had "remained open-minded and prepared to vote for an imperfect solution to the financial crisis." However, he said, the bill "offered no solution, perfect or otherwise. It contained no substantive reforms to correct the causes of the crisis, and therefore failed to pass."

Bob Lord, Democratic candidate in the 3rd Congressional District race, released a statement detailing his opposition to the proposed bailout plan coming before Congress Monday.

"The Bush administration's proposal was flawed from the very beginning," Lord said. "We simply cannot afford to put that much taxpayer money into the hands of a single person. There's not enough oversight, not enough accountability for those who put our economy at risk, and not enough protections for homeowners and taxpayers," said Lord.

State Sen. Pres. Tim Bee (R-Tucson), the Republican candidate in the 8th Congressional District race, said Friday it was important that executives not be rewarded at the failing and failed companies involved in the Wall Street meltdown, but  has not yet looked at the proposed  plans to deal with the financial crisis.

Bee told PolitickerAZ.com that both parties share blame for the current state of affairs, but accused Democrats of playing partisan politics with the resolution to the crisis.

"As of yesterday we're having a lot of trouble getting information from the majority," Bee said. "Clearly they weren't including the minority in the conversation."

Bee said he would take a look at proposals being offered in Congress later Friday. However, follow-up calls Friday evening were not returned.