Financial bailout bill dies in the House
Originally published 01:13 p.m., September 29, 2008
Updated 01:51 p.m., September 29, 2008
The House has defeated the $700 billion bailout legislation for the financial industry, which they spent all weekend negotiating.
Stocks started plummeting on Wall Street even before 228-205 to reject the bill was announced on the House floor.
The bill, called the Emergency Economic Stabilization Act of 2008, was designed to to turn the economy around and support troubled financial institutions and the government that bailed them out.
The bill passed a procedural vote in the House early this morning, and ABC News reports that the markets were expecting the bailout bill to pass.
Congresswoman Nancy Boyda voted to defeat the bill questioning its potential effectiveness and benefit for taxpayers and troubled homeowners.
“There is no real reform to curb the excesses of Wall Street that got us to this point. I just couldn’t, in good faith, put $700 billion of our tax dollars at risk and see so little return for it," Boyda said. "Congress must continue to work toward a solution that contains strong oversight and protects the American taxpayer.”
Congressman Todd Tiahrt also rejected the bill, saying it failed to address the underlying problems in the market.
"I cannot support a sell-out plan that throws our money at a problem without addressing the reasons our markets are in this situation. This is a bill of no reforms that raises our national debt by $1.3 trillion – more than 10 percent," he said.
Congressman Jerry Moran also opposed the measure.
Congressman Dennis Moore was the state's lone vote to support the $700 billion rescue plan.
President Bush expressed his dismay with the defeat of the bill.
"There's no question that the country is facing a difficult crisis that needs to be addressed," said spokesman Tony Fratto, adding that the president will be meeting with members of his team later in the day "to determine next steps."
Full text of bill's draft
The 110-page draft of the Emergency Economic Stabilization Act of 2008 is available here in a printable pdf version. Or, you can log on to the House Committee on Financial Services Web site to read a summary.
Comments
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Sep. 29, 2008 at 2:43 p.m. (Suggest removal)parkay (anonymous)
Only Rep. Moore was stupid enough to vote yes on the bailout. Or perhaps obligated enough, since he and Obamanation have been conspicuous partakers at Fannie and Freddie’s hog trough.
Goodbye, Dennis.
Oct. 2, 2008 at 7:06 p.m. (Suggest removal)cstaylor68 (anonymous)
The democrats are the biggest blame for the crisis the economy is in right now-Dont forget to catch the vids on youtube burning down the house and shocking video of democrats calling regulators racists for trying to regulate fannie mae and freddie mac in 04!
Main stream media has donated million and millions of dollars to obama campaign-become an informed voter and dont allow yourself to be lied to any longer!
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