Omg It Didn't Pass!
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Lawmakers quickly point fingers after bailout fails
Story Highlights
NEW: Republican leader says no new votes will occur today
Majority of Democrats voted for bill, majority of Republicans voted against
Republicans blame partisan speech by Speaker Pelosi
Democrats say Republican leadership did not deliver votes
WASHINGTON (CNN) -- Democrats and Republicans on Capitol Hill immediately blamed each other for the failure of a $700 billion bailout package in the House on Monday.
House Minority Leader John Boehner, R-Ohio, said there would be no revote on the bill on Monday because members had left the Capitol.
It was unclear in what form the congressional leadership would bring the bill back to the House floor.
The package, which was backed by both the Democratic and Republican congressional leadership as well as President Bush, failed in the House by a vote of 228-205.
A majority of Democrats voted for the bill. A majority of Republicans voted against it.
After the vote, a White House spokesman said President Bush was "very disappointed" that the House failed to pass the bailout.
White House spokesman Tony Fratto said Bush planned to meet with his advisors and will be calling congressional leaders Monday afternoon.
When the gavel came down, the members on the floor were nearly silent, CNN congressional producer Deirdre Walsh reported. Democratic members immediately met in Speaker Nancy Pelosi's office after the vote, while Republican members went into the office of Boehner, the top Republican in the House.
The stock market immediately dipped hundreds of points after it became apparent that the bill would fail.
The Republican House leadership blamed Pelosi for giving a partisan speech before the voting that they said alienated House Republicans.
While thanking Treasury Secretary Henry Paulson for negotiating on the bill, Pelosi said on the House floor that the Democrats had insisted that the bill "protect the American people and Main Street from the meltdown on Wall Street."
Pelosi also said the cost of the bailout "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."
After the vote, Boehner said, "Americans are angry, and so are my colleagues. They don't want to have to vote for a bill like this, and I understand that. Watch Boehner blame Pelosi
"I think that we need to renew our efforts to find a solution that Congress can support. I do believe that we could have gotten there today had it not been for this partisan speech that the speaker gave on the floor of the House," he said.
But Democrats dismissed the Republican complaints, saying the Republican leadership failed to convince their members to support the bill.
"They lost 2-1 on their own side, voting against their president, their presidential candidate, and against every leader in their own party," one Democratic source said.
And one Democratic aide said, "we delivered our votes. They did not deliver theirs."
Before the vote, many House Republicans expressed opposition to the bill, saying it departed from free market principles. Republican congressional aides also said calls from constituents were running 10 to 1 against the legislation.
Rep. Jeb Hensarling, a conservative Texas Republican, said before the vote, "The relevant test is, when you look at the good in the bill, when you look at the bad in the bill -- does it take America in a direction that you believe America should go? By that test, Madam Speaker, I will vote no on this legislation."
"I fear that ultimately it may not work. I fear that it is too much bailout and not enough workout. I fear that taxpayers may end up inheriting the mother of all debts," he added.
Another Republican called on members to vote their conscience.
"Ask yourselves why you came here and vote with courage and integrity to those principles. If, like me, you came here because you believe in limited government and the freedom of the American marketplace, I urge you vote in accordance with your convictions," Rep. Mike Pence, R-Indiana, said.
"Stand up for limited government and economic freedom. Stand up for the American taxpayer. Reject this bailout and vote no on the emergency economic stabilization act," he said.
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Lawmakers quickly point fingers after bailout fails
Story Highlights
NEW: Republican leader says no new votes will occur today
Majority of Democrats voted for bill, majority of Republicans voted against
Republicans blame partisan speech by Speaker Pelosi
Democrats say Republican leadership did not deliver votes
WASHINGTON (CNN) -- Democrats and Republicans on Capitol Hill immediately blamed each other for the failure of a $700 billion bailout package in the House on Monday.
House Minority Leader John Boehner, R-Ohio, said there would be no revote on the bill on Monday because members had left the Capitol.
It was unclear in what form the congressional leadership would bring the bill back to the House floor.
The package, which was backed by both the Democratic and Republican congressional leadership as well as President Bush, failed in the House by a vote of 228-205.
A majority of Democrats voted for the bill. A majority of Republicans voted against it.
After the vote, a White House spokesman said President Bush was "very disappointed" that the House failed to pass the bailout.
White House spokesman Tony Fratto said Bush planned to meet with his advisors and will be calling congressional leaders Monday afternoon.
When the gavel came down, the members on the floor were nearly silent, CNN congressional producer Deirdre Walsh reported. Democratic members immediately met in Speaker Nancy Pelosi's office after the vote, while Republican members went into the office of Boehner, the top Republican in the House.
The stock market immediately dipped hundreds of points after it became apparent that the bill would fail.
The Republican House leadership blamed Pelosi for giving a partisan speech before the voting that they said alienated House Republicans.
While thanking Treasury Secretary Henry Paulson for negotiating on the bill, Pelosi said on the House floor that the Democrats had insisted that the bill "protect the American people and Main Street from the meltdown on Wall Street."
Pelosi also said the cost of the bailout "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."
After the vote, Boehner said, "Americans are angry, and so are my colleagues. They don't want to have to vote for a bill like this, and I understand that. Watch Boehner blame Pelosi
"I think that we need to renew our efforts to find a solution that Congress can support. I do believe that we could have gotten there today had it not been for this partisan speech that the speaker gave on the floor of the House," he said.
But Democrats dismissed the Republican complaints, saying the Republican leadership failed to convince their members to support the bill.
"They lost 2-1 on their own side, voting against their president, their presidential candidate, and against every leader in their own party," one Democratic source said.
And one Democratic aide said, "we delivered our votes. They did not deliver theirs."
Before the vote, many House Republicans expressed opposition to the bill, saying it departed from free market principles. Republican congressional aides also said calls from constituents were running 10 to 1 against the legislation.
Rep. Jeb Hensarling, a conservative Texas Republican, said before the vote, "The relevant test is, when you look at the good in the bill, when you look at the bad in the bill -- does it take America in a direction that you believe America should go? By that test, Madam Speaker, I will vote no on this legislation."
"I fear that ultimately it may not work. I fear that it is too much bailout and not enough workout. I fear that taxpayers may end up inheriting the mother of all debts," he added.
Another Republican called on members to vote their conscience.
"Ask yourselves why you came here and vote with courage and integrity to those principles. If, like me, you came here because you believe in limited government and the freedom of the American marketplace, I urge you vote in accordance with your convictions," Rep. Mike Pence, R-Indiana, said.
"Stand up for limited government and economic freedom. Stand up for the American taxpayer. Reject this bailout and vote no on the emergency economic stabilization act," he said.
Find this article at:
http://www.cnn.com/2008/POLITICS/09/29/bailout.fallout/index.html
SAVE THIS | EMAIL THIS | Close
Check the box to include the list of links referenced in the article.
� 2008 Cable News Network
well this sucks. . . i wonder how many jobs america just loss?
will this affect prof football on Sundays? 
We need a collapse so the trash gets taken out. Bailouts will keep our country smelling like shit. Our wild consumption and free for all needs to end or we will continue to be slaves to the bankers. Do you want to continue the path of being a net borrower and end up owning nothing? Debt is slavery and we need to be free!!!