Sen. Tom Coburn (R-Okla.)
On the Spot (CNSNews.com) - Sen. Tom Coburn (R-Okla.), who is among the most conservative members of Congress, told CNSNews.com he believes Congress is responsible for the financial crisis and that he would reluctantly vote for the $700-billion dollar financial package that passed the Senate late Wednesday night.

The plan, initially proposed by Secretary of the U.S. Treasury Henry Paulson on Sept 20, allocates up to $700 billion in taxpayer funds to buy risky mortgages and mortgage-backed securities. It also includes tax breaks for businesses, an Alternative Minimum Tax patch, and an increase in federal deposit insurance.

“This is a time in our country when politics needs to go out the window,” Coburn told CNSNews.com on Monday. “I would not have written this plan and I would rather not be doing this, but the question is, how do we help the most Americans, how do we reestablish confidence in the economy, and how do we stabilize things?”

Coburn has been one of the U.S. Senate’s most vocal opponents of wasteful government spending and has earned the nickname ‘Dr. No’ for his refusal to support bills that include earmarks.

“Don’t lose sight of the fact that it’s Congress that got us here,” Coburn told CNSNews.com. “When we start getting outside the bounds of the Constitution, when we are socializing and saying it’s the government’s responsibility to put people in homes and finance their mortgages, we can’t lose sight of the fact that we are the ones responsible for it.

“I don’t know if even this [$700 billion] is going to fix this,” Coburn added.

Coburn also said it would be “irresponsible” for Congress not to pass the bailout plan – even though he admitted he doesn’t know if “$700-billion would be enough to fix the problem.
 
“We have to act in the best interest in the country even though it goes against our political philosophies not to play games,” Coburn said.

The bailout, which passed the U.S. Senate by a 74-25 vote on Wednesday night, now goes to the House where its prospects are uncertain. It is expected to come up for a vote on Friday.