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Rep. Scott Garrett, R-N.J.

The chairman of the capital markets subcommittee said the deal punted on the "tough decisions" and was disappointed it did not include a Constitutional amendment to balance the budget.


Despite its importance to banks and the economy in general, several prominent lawmakers from the banking committees voted against the bill to raise the debt limit. Following is a sampling of a few and their reasoning.

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Rep. Ron Paul, R-Texas

The chairman of the monetary policy subcommittee objected to the formation of a new commission to draft legislation for further spending cuts, saying it was attempt to "disenfranchise" those that disagreed with House and Senate leadership

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Rep. Randy Neugebauer, R-Texas

The chairman of the financial oversight subcommittee cited the deal's military spending cuts and its failure to include a balanced budget amendment.

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Rep. Michele Bachmann, R-Minn.

The Republican presidential hopeful objected to a deal even before the final one was cut, saying there should be no increase in the debt limit.

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Rep. Maxine Waters, D-Calif.

The lead Dem on the capital markets subcommittee accused the Tea Party of "extorting" Congress, saying the cuts in spending will "weaken an already-depressed economy."

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Rep. Nydia Velazquez, D-N.Y.

The lead Democrat on the House Small Business Committee said the deal "keeps every tax break for the wealthy," arguing it would hurt the economy.

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Rep. Carolyn Maloney, D-N.Y.

The lead Dem on the financial institutions subcommittee initially voted for the plan, but changed her vote to "nay."

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