http://online.wsj.com/article/SB122270285663785991.html
* SEPTEMBER 29, 2008, 2:51 P.M. ET
Bailout Bill Fails in House Vote
Amid Defections in Both Parties
By MICHAEL R. CRITTENDEN
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WASHINGTON -- A bipartisan group of U.S. House lawmakers defeated a $700
billion rescue plan for Wall Street on Monday, rejecting pleas from the
Bush administration and congressional leaders from both parties of the
potential dire consequences of policymakers not acting to help financial
markets.
The 205-228 vote against the plan sent stocks plummeting, with the Dow
Jones Industrial Average down around 500 points as news of the vote
spread through Wall Street.
The Bailout Deal
* *Vote:* Should the House have approved the bailout plan?
<http://forums.wsj.com/viewtopic.php?t=4123>
* *Deal Journal:* Wall Street Works the Phones as Dow Drops
<http://blogs.wsj.com/deals/2008/09/29/no-banker-left-behind-wall-street-works-the-phones-on-700-billion-bailout/>
* *Earlier:* U.S. Seals Deal for Financial Bailout
</article/SB122257682963083173.html?mod=article-outset-box>
* *Full Text of the Draft Bill*
<http://online.wsj.com/public/resources/documents/bailoutbill20080928.pdf>
| Summary </article/SB122265013693884223.html?mod=article-outset-box>
* *Rescue Will Help Borrowers Keep Homes*
</article/SB122265697254684627.html?mod=article-outset-box>
* *Bailout Tests Bush's Conservative Legacy*
</article/SB122264902427584171.html?mod=article-outset-box>
* *Real Time Econ:* Bailout Bill Assists Fed
<http://blogs.wsj.com/economics/2008/09/29/bailout-bill-offers-assistance-to-fed/>
The defeat came despite House leaders holding open the vote for well
beyond the 15-minute time limit, supporters were unable to convince
enough members of either party to switch their votes against the proposal.
The defeat is a massive setback for the Bush administration,
specifically the Treasury Department, as well as lawmakers who have been
working throughout the last week on the legislation in the wake of the
collapse of Lehman Brothers Holdings as well as the government's bailout
of American International Group Inc. and its takeover of Fannie Mae and
Freddie Mac.
The White House expressed displeasure with the defeat of
financial-market bailout legislation in the U.S. House of
Representatives, and said President George W. Bush will meet with his
economic team later Monday to determine the way forward.
[Image]
Obviously we're very disappointed in the outcome this afternoon," Mr.
Fratto said. "There is no question that the country is facing a
difficult crisis that needs to be addressed."
Mr. Fratto said President Bush will meet with his team Monday afternoon
and be in touch with congressional leaders.
The $700 billion rescue plan for Wall Street was defeated by a
bipartisan group of lawmakers in a 205-228 vote. The vote, which was
expected to be tight, is a sharp repudiation of the Bush administration
and congressional leaders, who warned that failure to act would have
dramatic implications for financial markets and the U.S. economy.
Earlier Monday, the White House said it believed it had the votes
necessary for the rescue bill to pass.
President Bush, who tried to rally support for the package with a
televised statement early Monday, had a list of a "couple dozen"
lawmakers to call before the vote, Mr. Fratto said before the vote.
—Henry J. Pulizzi contributed to this article.
*Write to* Michael R. Crittenden at [EMAIL PROTECTED]
<mailto:[EMAIL PROTECTED]>
Yours in Liberty,
Todd Andrew Barnett
Host, Liberty Cap Talk Live with Todd Andrew Barnett and James Landrith, Jr.
http://www.nowlive.com/libertycaptalklive
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