Giffords changes vote on bailout

U.S. Rep. Gabrielle Giffords is among four Arizonan and dozens of other representatives who voted against the original version of a $700 billion financial bailout bill, but changed course and voted in favor of a revised version on Friday.

Arizona’s entire eight-member House delegation voted against the original version of the bailout on Monday when it was narrowly defeated, but the historic legislation — termed the Emergency Economic Stabilization Act — was approved Friday by a 263-171 vote. President Bush signed it into law Friday night.

Giffords said in a statement she still disagrees with many aspects of the measure, calling parts of legislation added by the Senate, which approved it Wednesday, “ridiculous,” but said “sitting on the sidelines and risking major economic collapse would be irresponsible.”

Giffords says the law would protect more than 42,000 middle-class families in Southern Arizona from having to pay up to $4,000 in higher taxes this year, and would also extend tax deductions for state and local sales and property taxes.

It would also increase the number of families who can qualify for the Child Tax Credit, which 53,000 Southern Arizonans claimed in 2005.

Giffords says an eight-year extension of the residential and commercial solar tax credits will stimulate the local economy by creating new jobs.

State Senate President Tim Bee, who is challenging Giffords’ congressional seat in the November elections, criticized Giffords for changing her vote after the solar tax credit — which she has long supported — was added to the bill.

“[Giffords’] vote to roll over taxpayers was bought with tax credits that a real leader would have passed months ago as part of an all of the above energy package,” said Bee in a statement.

Bee said that solar tax credits are important, but can “pass on their own without bailing out Wall Street.”

Three other Arizona congressmen — John Shadegg, a Republican, and Democrats Harry Mitchell and Ed Pastor — also changed their votes to support the bill.

Arizonans still casting “no” votes on Friday were Democrat Raul Grijalva and Republicans Jeff Flake, Trent Franks and Rick Renzi.

In the end, 33 Democrats and 25 Republicans switched from opposition to support. In all, 91 Republicans joined 172 Democrats to support the measure while 108 Republicans and 63 Democrats voted “no.”

The Associated Press contributed to this report.

jrichardson@gvnews.com | 547-9726