BREAKING NEWS: House Rejects Financial Bailout Plan
The U.S. House of Representatives, lead primarily by conservative Republicans and deep thinking Democrats opposed the $700 billion financial bailout plan by a vote of 207-226. It needed 217 votes to pass. Lead by fears of pushing the country into a form of Socialism and by tax payers footing the bill, and also by concerns of minimal “teeth” in the bill and a lack of oversight of the newly appointed powers to the Secretary of the Treasury, the House shot down the bill in an unexpected turn of events.
The Dow Jones Industrial Average plummeted at one point to over 700 points in the red after they saw that the bill may not pass, but quickly rebounded.
Senator McCain and Senator Obama have both said they supported the bill over the weekend, however the full text and details was not released until late Sunday. House leader Barney Frank is blaming the Republicans for the bill not being passed, even though if 100% of Democrats in the House had voted for the bill it would have passed with no hiccups. House Speaker Nancy Pelosi also gave a very partisan speech near the close of debate right before the voting that tainted some of Republicans votes. The House Republicans have said they are already working on what to do next.
We’ve heard for 5 days now that the Democrats and Republicans have had an agreement in principle and agreements on several items, however that news came from mainly Democrats. On the contrary, many reputable House Republicans have said they never had an agreement. The only consensus that has been realized was the need to reform the financial system. However, the nastiness of party politics became very involved in the bill, and it ultimately contributed to its demise.
Many House Representatives stated in their debates today that nobody was happy with the bill and many items in them, but that something needed to be done. Representatives have also conveyed that they have been receiving floods of calls from constituents that were overwhelmingly against the bill.
More details to come in a later article…