Kevin P. Gaughan, Democratic candidate for the state's 31st Congressional District, Thursday chastised his opponent, Rep. Bill Paxon, R-Amherst, for supporting the Savings and Loan bailout bill.
Gaughan, a Hamburg attorney who will oppose Paxon in the Nov. 6 election, said the bailout will result in "residents paying for the fraud and sins of Texas bankers and millionaires."
Paxon's vote for the bailout was "unconscionable for a person who's supposed to be representing Western New York taxpayers," according to Gaughan.
Gaughan cited studies that showed the average New York family of four will lose $3,888 on the bailout while a Texas family of four will gain about $19,000. There are some estimates that the bailout will reach as high as $500 billion, Gaughan said.
Gaughan proposed an alternate plan that would redirect money from other programs to ease the burden for northeast taxpayers. He also said he advocated legislation that would allow New York citizens to sue those responsible for the S&L scandal.