Indiana Rep. Mike Pence, one of the first conservatives to come out against the $700 billion financial-markets rescue plan, issued a policy paper to his colleagues Sunday afternoon explaining his opposition to the proposal.
"Economic freedom means the freedom to succeed and the freedom to fail," Pence wrote. "The decision to give the federal government the ability to nationalize almost every bad mortgage in America interrupts this basic truth of our free market economy.
"Republicans improved this bill but it remains the largest corporate bailout in American history, forever changes the relationship between government and the financial sector, and passes the cost along to the American people," Pence continued. "I cannot support it."
Conservatives have started an all-out blitz against the bailout plan today in anticipation of a Republican Conference meeting in which members will be briefed on the details, putting party leaders in the difficult position of defending the plan - and themselves - from a very vocal opposition.
The full text of Pence's letter is after the jump.
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