Cole: Economic bailout vote the 'toughest' he's ever cast

By M. Scott Carter WASHINGTON, D.C. -- Calling it the "toughest he's ever cast," Oklahoma Congressman Tom Cole said his "yes" vote on Monday's $700 billion financial bailout measure was necessary because the country faces the "most challenging economic times since the Great Depression." Rep. Cole, R-Moore, and Democratic Rep. Dan Boren were the only two members of Congress from Oklahoma to support the Bush administration's $700 billion economic rescue package. The legislation would have allowed the government to buy bad mortgages and other non-performing assets held by troubled banks and financial institutions. Experts believed getting those debts off bank balance sheets would strengthen the banks and make them more inclined to lend money. Monday, the bill failed on the House floor by a 228-205 vote. That failure sparked the... [read full story]