WP's The Fix points out that despite rampant enthusiasm for elaborate blame-laying among House Democrats and Republicans (not to mention presidential candidates), there's compelling evidence that the bailout bill failed for another, more parochial reason:
It's no coincidence then that of the 205 Members who voted in support of the bill today, there are only two -- Reps. Chris Shays (R-Conn.) and Jon Porter (R-Nev.) -- who find themselves in difficult reelection races this fall. The list of the 228 "nays" reads like a virtual target list for the two parties.
-- Evie Stone
5:40 PM ET
|
09-29-2008
|
permalink
House Minority Leader John Boehner told reporters this afternoon that Speaker Nancy Pelosi's pre-vote floor speech sapped GOP willingness to step up and vote for the failed financial bailout bill. Boehner said Pelosi's remarks were too partisan and "poisoned our conference." You can follow the link above to judge the speech for yourself, but here's a representatively fiery snippet, re: the size of the package.
It is a number that is staggering, but tells us only the costs of the Bush Administration's failed economic policies-policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system.
Democrats immediately hit back at the Minority Leader's argument, saying they brought in the votes they had promised, and the Republicans basically wimped out and failed to hold up their end of the bargain. Here's Rep. Barney Frank, the chair of the House Financial Services Committee, responding to Boehner:
"Well if that stopped people from voting, then shame on them," he said. "If people's feelings were hurt because of a speech and that led them to vote differently than what they thought the national interest (requires), then they really don't belong here. They're not tough enough."
Wisconsin Democrat David Obey's take: "I guess the Republican leadership is so weak John Boehner couldn't deliver 50 percent of the votes."
Partisan sniping aside, it is clear that no GOP luminary was able to gin up the votes to make this deal happen -- not the President, not the House leadership, and not even nominee John McCain, who suspended his campaign last week in a highly visible effort to bring House Republicans on board with the compromise.
This morning in Columbus, OH, McCain seemed awfully optimistic about the plan's prospects -- almost appearing to take credit for the proposed bill:
I put my campaign on hold for a couple days last week to fight for a rescue plan that put you and your economic security first. I fought for a plan that protected taxpayers, homeowners, consumers and small business owners.
I went to Washington last week to make sure that the taxpayers of Ohio and across this great country were not left footing the bill for mistakes made on Wall Street and in Washington.
(snip)
Senator Obama took a very different approach to the crisis our country faced. At first he didn't want to get involved. Then he was "monitoring the situation." That's not leadership, that's watching from the sidelines.
After the bill's failure, the McCain campaign released a statement blaming Obama for "fail[ing] to lead," and echoing Boehner's Pelosi criticisms, culminating with this:
This bill failed because Barack Obama and the Democrats put politics ahead of country.
The Obama campaign's response:
This is a moment of national crisis, and today's inaction in Congress as well as the angry and hyper-partisan statement released by the McCain campaign are exactly why the American people are disgusted with Washington.
-- Evie Stone
5:08 PM ET
|
09-29-2008
|
permalink
Via CNN, House Minority Leader John Boehner (R-OH) says the House will not vote again today on a plan aimed at rescuing the financial services sector. The economic bailout was defeated by a final vote of 205 to 228. Treasury Secretary Henry Paulson pledges to use all available tools to protect financial markets in the wake of the vote.
-- Sean Bowditch
3:16 PM ET
|
09-29-2008
|
permalink
The economic rescue package that lawmakers spent a long weekend negotiating (H.R. 3997 for those keeping score at home) has failed to pass the House of Representatives. Democrats voted 141-94 in favor of the bill, Republicans went against, with 65 yeas and 133 nays. The final vote was 205 yeas to 228 nays, with one abstention.
The vote stayed open for about 20 minutes after the 15-minute voting time had expired to provide the leadership time to negotiate for more votes (i.e. twist enough arms and beat enough brows to put the bill over the top). That effort garnered a few scattered yeas, but not enough to achieve the necessary simple majority.
The markets showed a real-time reaction to the bill's failure, with the Dow Jones plummeting as traders tracked the vote count on TV.
Immediately after the vote, Rep. Joe Barton of Texas, who voted with the nays, rose to ask when the motion would be re-voted if he moved to reconsider. The chair said it would be re-voted immediately, and Barton withdrew his request.
-- Evie Stone
1:44 PM ET
|
09-29-2008
|
permalink
Politico's Mike Allen is reporting that both Barack Obama and John McCain now say they'll return to the Senate this week to vote on the bailout bill. Both campaigns gave squishy responses when asked about the vote over the weekend, but there's been so much grandstanding on this issue in the past week that it would have been awfully awkward if one or both of them bailed. The Senate could take up the package as early as Wednesday.
-- Evie Stone
1:05 PM ET
|
09-29-2008
|
permalink