Calls Prompt Area Representatives to Back Bailout

The calls started coming shortly after the failure of the proposed $700 billion Wall Street bailout package in the House of Representatives on Monday.

A retiree from Silver Spring called freshman U.S. Rep. Donna F. Edwards (D-Md.), who had voted against the package, to say his retirement savings had lost 20 percent in value and he was concerned.

A man who owns a small business that manufactures wire baskets in Baltimore reached out to Rep. Elijah E. Cummings (D-Md.), who had also voted no, to explain he feared he would not make payroll because a bank had cut off his line of credit.

Both Democrats changed their votes yesterday and agreed to support the bailout package, helping to pass a bill that had been revised only around the edges since its defeat Monday. In separate interviews, the two said they struggled to support the bill because of lingering fears that it will do too little to help working-class constituents facing home foreclosure. But they said stories such as those from the Silver Spring and Baltimore constituents convinced them that Wall Street's troubles were beginning to create real economic hardships.

"I am their last line of defense," said Cummings of constituents facing a growing credit crunch. "This Congress is the last line of defense."

Edwards, who represents parts of Prince George's and Montgomery counties, and Cummings, whose Baltimore-based district includes part of Howard County, were the only two congress members from Maryland or Virginia to switch their votes. They left Republican Rep. Roscoe G. Bartlett as the only Marylander to oppose the bailout. He said yesterday that he thinks that it won't work and that it will burden future generations with excessive debt. Bartlett's district includes part of Montgomery. In Virginia, all members representing Northern Virginia, with the exception of Rep. Rob Wittman (R-Va.), voted for the package, just as they had Monday.

"We were hearing comments about a deep recession and the word people don't want to say publicly. That's 'depression,' " said Rep. Frank R. Wolf (R-Va.), whose district includes Loudoun County and part of Fairfax County.

A series of conversations with financial experts and worried constituents had redoubled his sense that he must vote yes, Wolf said. Wittman, whose district includes part of Fauquier County and runs south from southern Prince William, said that at one point mid-week, 40 percent of callers supported the rescue. But by yesterday's vote, detractors were back chiming in at a rate of 8 or 9 to 1.

Although he heard other thoughtful arguments about the urgency of passing yesterday's package, Wittman said burdening the U.S. government with the cost of the rescue could itself be an unhealthy move. Edwards said she was pleased with some of the changes that had been made. In particular, she said she welcomed a modification that lifts the amount of bank savings insured by the federal government from $100,000 to $250,000.

She said she had also received assurance that after the government uses bailout funds to soak up toxic assets held by banks, the Treasury Department will have new authority to adjust home loans that are even partly owned by the government.

Edwards and Cummings both said they felt no pressure from party leaders. But they said conversations with Sen. Barack Obama (D-Ill.) convinced them that their concerns will be central to his administration if he is elected president. Obama backed new provisions that would allow bankruptcy judges to adjust home loans, a top priority of both.

"I was not prepared to walk away from this Congress, knowing we would not convene again until after the election, and knowing we had done nothing at all," Edwards said.

Edwards is Congress' newest member, elected in a special election in June, after defeating longtime Rep. Albert R. Wynn (D-Md.) in a February primary. In November, she will face Republican Peter James, who said he thinks the bailout is unconstitutional. Still, her district is overwhelmingly Democratic, which could limit her short-term political risk. Cummings is also favored to win reelection in his district.