Treasury’s $700 billion Wall Street bail out plan collapsed in the House, sending a upset through financial markets.
Republican defections proved critical to the massive government intervention, which was rejected 228-205. In spite of bipartisan appeals from the leadership, anti-Wall Street sentiment and the huge scale of the proposed government intervention proved too much for Treasury to prevail.
Democrats more than delivered a majority of their caucus, and House Speaker Nancy Pelosi (D-Calif.) held the vote open to bring her numbers up to 140 votes for the package. But Republicans never topped 70, and the final GOP split was 133 against the bill and only 65 for the measure.
After the vote, Republicans claimed that the Democratic leadership had been warned that fewer than 60 Republicans would vote for the bill. Democrats denied the claim, saying they never would have brought the bill to the floor if they had been told there was so little Republican support.
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I wonder what the cost has been during the past week to discuss this matter in the Congress?
ReplyDeletePlease sign this damn Bill and let's move on. Whatever happens in our financial market affects everyone.
You guys (congress) are hurting my feeling.