Bigger isn't better, argues Rep. Daniel Lipinski (D-3rd), who was in the minority in the historic 263-171 roll call Friday in which the U.S. House of Representatives approved a $700 billion government bailout bill for the financial industry. President Bush quickly signed the bill.

Lipinski joined Reps. Bobby Rush (D-1st) and Jesse Jackson Jr. (D-2nd) as the three Chicago Democrats who voted against the $700 billion financial bailout plan earlier this week. But today he's just one of two Chicago congressmen - Rep. Peter Roskam (R-6th) also voted no - who opposed the bill. Both Rush and Jackson reversed their decisions and supported the plan.

"The Senate refused to plug any of the loopholes in the bill ... that will put Wall Street and even foreign banks before the interests of American taxpayers," Lipinski said in a statement today."

The bill authorizes the Treasury Department to purchase $700 billion of bad mortage-related securities that have been at the heart of the worst financial crisis since the Great Depression. The bailout, supporters argue, would lift the nation's credit industry, which, in turn, is expected to increase its lending to consumers for everything from student loans to mortgages, and therefore revitalize the economy.

The Senate passed the new bill 74-25 Wednesday night with one of the notable changes being the inclusion of renewable energy tax breaks, research and development tax breaks for businesses and a year of relief from the Alternative Minimum tax. The new bill is designed to increase federal deposit insurance from $100,000 to $250,000.

"There is a provision in the bill that is supposed to help the American taxpayer recover any of the $700 billion that is not repaid to the Treasury," Lipinski's statement continues. "However, all this provision says is that after five years the president will have to submit a proposal to Congress to recoup from the financial industry any of the money lost. This places the responsibility in the hands of the president and the Congress elected in 2012, men and women who may feel no responsibility for what we do today."

The Senate added other provisions to the bill to attract congressmen who voted against the initial bailout plan Monday. Although it worked, Lipinski says it wasn't enough to convince him: "This bill is no different than the previous bill. It bails out those who created the mess in the first place. They are not held responsible. They are not held liable. Goldman Sachs and Morgan Stanley helped create the mess, and now they will turn around and be the primary beneficiaries of the bailout."