Garrett Calls For Alternatives To Administration's Bailout Plan

Republican Rep. Scott Garrett circulated a “dear colleague” letter Monday to fellow lawmakers, hoping to start a discussion on alternatives to the bailout plan proposed by Treasury Secretary Henry Paulson, the latest sign that Congress will not quietly acquiesce to the administration’s demands.

“It is my hope that the ideas below will provide some interesting analysis to the problems faced by the U.S. financial markets and generate thoughtful debate as we consider this monumental legislative proposal,” Garrett wrote in the letter.

In the letter, Garrett linked to three separate articles from prominent Washington economists questioning Paulson’s plan and offering other solutions.

The White House has been pushing for swift passage of Paulson’s plan, much to the chagrin of many lawmakers from both sides of the aisle.

Garrett himself clearly was not pleased with what he called the “Paulson/Pelosi” plan to address the current financial crisis.

“In the short term, I have great concerns about spending taxpayer money with limited accountability for these actions,” Garrett said. “In the long term, I am very concerned about the inflationary pressures that will arise from this action.”