CBSN

RSC Defends Bailout Opposition

House Conservatives have launched into a stout defense of their role in sinking the economic bailout, dismissing the record drop in the stock market as "gyrations" that may be worthwhile if they stand by their free market principles.

Rep. Jeb Hensarling, chairman of the conservative Republican Study Committee, said Monday after the vote that it was “more important to do the right thing than to do it quickly.”

Many RSC members, including Hensarling, voted against the measure.

The Dow Jones dropped 777 points Monday, the largest point drop in history, plunging dramatically after the House failed to pass the bailout bill.

Hensarling said the drop was “unfortunate,” but insisted there was “lots of volatility and lots of gyrations in the market.”

Rep. Trent Franks agreed, saying it was better to have a “temporary failure in the pursuit of long term success” than to have signed off on a bad bill.

Another RSC member, Rep. Michele Bachmann, said it was wrong to accuse Republicans of simple knee-jerk opposition to the bill, especially when so many Democrats voted against it as well.

“We are not babies who are suck our thumbs,” she said. “We have very principled reasons [for opposing this].”