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The Honolulu Advertiser
Updated at 2:34 p.m., Friday, October 3, 2008

Abercrombie, Hirono explain why they changed bailout votes to yes

By NICOLE GAUDIANO
Gannett News Service

WASHINGTON — Hawaii's two federal representatives, Neil Abercrombie and Mazie Hirono, both Democrats, changed their votes from no to yes today on the government's bailout package.

They both cited the revised bill's additional insurance for bank deposits and certain tax breaks for individuals as the reasons they changed their votes from Monday.

"The package we're voting on today is more balanced in favor of helping everyday people, middle-class families and small businesses," Hirono said in a statement. "The bailout package we considered Monday was simply too geared toward Wall Street and the corporations whose irresponsible practices helped create the crisis in the first place."

Abercrombie said the new bill contains improvements over the original version and provides "breathing room to address the underlying challenges to the financial system."

But Abercrombie also said he'll urge House leaders to call the chamber back into session immediately after the November election to enact reforms he co-sponsored to banking industry practices.

"These changes, along with energy independence, will be my top priorities for congressional action as soon as possible," he said in a statement.

Lawmakers in the Senate overwhelmingly passed similar legislation Wednesday. Hawaii's two Democratic senators — Daniel Inouye and Daniel Akaka — voted in favor of the measure.

The legislation that passed Friday included a provision to keep the alternative minimum tax from affecting about 22 million taxpayers.

The ATM provision will provide tax relief for 91,254 households in Hawaii, Abercrombie and Hirono said through their staffs.