U.S. Rep. Mike Michaud voted against the $700 billion bailout package for Wall Street on Friday. Maine’s 2nd District Democrat said the bill lacked proper oversight, set a bad precedent and simply cost too much.

“The price tag of this proposal is over $800 billion because of the add-ons in the Senate,” Michaud said. “The question is, could we have accomplished the same thing without putting the taxpayers at risk? Philosophically, I cannot follow Democratic leadership when I feel down deep that they are heading in the wrong direction.”

U.S. Rep. Tom Allen, a Democrat from the 1st District, voted for the legislation.

“I share Mainers’ anger that this bill is necessary at all,” Allen said in a statement released after the vote. “The plan the House passed today was not perfect, but it was a vast improvement over the blank check President Bush offered last week.”

Michaud talked briefly with Allen about the vote and knew he would likely be the only member of the Maine delegation to vote against the measure. Republican Sens. Susan Collins and Olympia Snowe voted in favor of the bill in a Senate vote taken Wednesday.

“We have to start focusing as a Congress, not what’s best for election, but what’s best for this country long-term,” Michaud said. “Hopefully, we’ll be able to also address other issues that are related to greed and the fact that Wall Street and K Street have a huge amount of influence over elected officials here in Washington.”

Michaud said he was not one of the members of the House to receive a phone call from Democratic presidential candidate Barack Obama, who was encouraging support for the bill. Michaud said even if he had gotten a call, “It wouldn’t have made a difference.”

– Rebekah Metzler