WASHINGTON -- Reps. Steve Pearce and Tom Udall don't see eye to eye on much.

But Monday, the two U.S. Senate candidates from New Mexico -- mindful of skeptical voters and harboring deep reservations -- both voted to help defeat a massive bailout package for the nation's financial system.

Pearce, a Republican, and Udall, a Democrat, are seeking the U.S. Senate seat Pete Domenici is giving up in January.

NBC political director Chuck Todd, speaking on MSNBC after the vote, said the decision was easy for any House member seeking a Senate seat, or any member in a tough re-election fight.

"Anybody in a tough race ... voted against this thing," Todd said. "This was a bipartisan killing by anybody who had their finger in the wind."

Two-thirds of Congress' most vulnerable members -- Republicans and Democrats alike -- voted against the bailout package, opting to protect their seats on Election Day rather than follow their party leaders off a political cliff, according to The Associated Press. Of the 19 most vulnerable House lawmakers tracked by AP, 13 voted against the bill despite pleas from their party leaders.

Rep. Heather Wilson, R-N.M., the third member of New Mexico's U.S. House delegation, voted for the proposal. She lost her bid for the GOP Senate nomination and won't face voters next month. New Mexico's U.S. House offices were flooded with calls Monday morning from constituents who overwhelmingly urged defeat of the bill.

Pearce's office fielded 1,100 calls Monday, and only 75 were in support of the bill, according to an aide to the congressman.

Callers to Udall's office overwhelmingly objected, his staff said. Udall, in a written statement after the vote, blasted Republicans, saying President Bush and his congressional allies have "allowed Wall Street to gamble with America's economy, and the results have been devastating for Main Street."

"Unfortunately, the administration's response was a $700 billion bailout with virtually no protections for American taxpayers," he said. "Congress made significant changes to the president's proposal, but I believe we should have taken more time to get this right."

Udall said the plan gave Treasury too much authority with too little oversight, failed to rein in "golden parachutes" to CEOs, and did too little to help homeowners at risk of foreclosure.

Pearce said the bill failed to protect taxpayers.

"I strongly disapprove of putting taxpayers on the hook in order to bail out the Wall Street firms that got us in to this crisis," Pearce said in a statement. "Those who made risky decisions should own up to them."

Pearce also said Congress needs to overhaul the bill to include more accountability for leaders of failed companies, transparency for investors, limitations on leveraging by financial institutions and less government intrusion.

Wilson, who lost the Republican U.S. Senate nomination to Pearce in June, and who will not return to Congress, said the bill would have stabilized financial markets.

"Today's bill was a 'workout' not a 'bailout' and had protections for taxpayers and homeowners," Wilson said. "The bill would have given needed liquidity to the financial industry and let taxpayers share in the profits as mortgage markets recover."

Domenici, who urged passage of the bill, said he was "dismayed by the failed vote in the House. This is very serious, and we have to find a plan that Congress can accept. Doing nothing is not an option."

(c) 2008 Albuquerque Journal. Provided by ProQuest LLC. All rights Reserved.