Garrett: Don't debate bailout

Rep. Scott Garrett was one of only eight members of the House to vote this morning to adjourn rather than begin debating massive financial services bailout.

Garrett's office said a statement will be out soon with his reasons for opposing the bill, which would have the Treasury Department buy up to $700 billion worth of mortgage securities that banks, credit unions and pension funds hold and cannot sell.

Last week, he said Congress needed to take its time on the measure, and questioned whether there really was a crisis in credit markets that treasury and banking officials said was looming. [Text of Garrett floor speech last week from Congressional Record]