Challenger blames incumbent Chambliss for economy

With Congress weighing a $700 billion bailout for Wall Street, Democratic U.S. Senate candidate Jim Martin on Tuesday blasted GOP rival Saxby Chambliss for rubber stamping anti-regulatory policies he claims have helped lead to the financial mess.

"Georgia voters are tired of Bush-Saxby economics," Martin told reporters.

But a Chambliss spokeswoman said Martin was pointing to bills that won bipartisan support and were signed by a Democratic president.

Martin called on Chambliss to reject the current Bush administration rescue package. He said the plan shouldn't pass until Congress adds protections for homeowners, more independent oversight and controls so taxpayers don't foot the bill for huge executive payouts.

Chambliss hasn't decided if he will support the sweeping Bush administration bill, which some fellow Republicans complain goes against the long-held GOP belief that government should steer clear of markets. The plan is being tinkered with on Capitol Hill.

But Chambliss suggested some action was needed to keep the nation's economy afloat.

"We must do something because the cost of doing nothing is too great," Chambliss said.

Martin unveiled a new television advertisement Tuesday labeled "Saxby economics" designed to draw attention to voted by then-U.S. Rep. Chambliss to loosen market oversights. Martin said that in 2000 Chambliss voted to deregulate sectors of the financial markets and in 1999 he approved a bill that removed internal checks and balances from the financial industry.

Chambliss spokeswoman Michelle Hitt Grasso dismissed the attacks.

"They passed with bipartisan support and were signed by Bill Clinton," she said. "(Democratic vice presidential candidate) Joe Biden voted for them. Is he to blame too?"

Martin insisted the Bush administration had neglected its responsibility for regulatory oversight.

Chambliss is in Washington this week. But he has also been shoring up support among veterans. He announced a coalition of Veterans for Chambliss and received the Harry S. Truman Award from the National Guard Association

Martin has been touting his service in Vietnam. Chambliss did not serve in the military but sits on the Senate Armed Services Committee.