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September 29, 2008
Bailout bill fails
Thomas Lifson The House of Representative has rejected the bailout bill pushed by Secretary of the Treasury (and former Goldman Sachs chief) Henry Paulson, the House Democratic leadership, and President Bush. The Dow "plunged" 400 points -- not a catastrophic drop by any means. The total drop for the day may end up in the 600 point-plus range, certainly a very bad day on the market, roughly a 5% drop. GOP leaders are reportedly outraged by a speech Pelosi gave before the vote:
It is time to consider alternative approaches to the credit market problems, including changes to an accounting rule adopted in reaction to Enron, the "mark-to-market" rule. More on this tomorrow in an AT article.
Here is the roll call vote: H R 3997 RECORDED VOTE 29-Sep-2008 2:07 PMQUESTION: On Concurring in Senate Amendment With An AmendmentBILL TITLE: To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes
PRES
Democratic
140
95
Republican
65
133
1
Independent
TOTALS
205
228
1
---- AYES 205 ---
AckermanBachus Blunt Boehner Bonner Bono Mack Boozman Brady (TX) Brown (SC) Calvert Camp (MI) Campbell (CA) Cannon Cantor Castle Cole (OK) Crenshaw Cubin Davis, Tom Dreier Ehlers Emerson Everett Ferguson
Fossella Gilchrest Granger Herger Hobson Inglis (SC) King (NY) Kirk Kline (MN) LaHood Lewis (CA) Lewis (KY) Lungren, Daniel E. McCrery McHugh McKeon Miller, Gary
NadlerPeterson (PA) Pickering Porter Pryce (OH) Putnam Radanovich Regula Reynolds Rogers (AL) Rogers (KY) Ryan (WI) Saxton Sessions Shays Simpson Smith (TX) Souder Tancredo Upton Walden (OR) Walsh (NY) Weldon (FL) Wilson (NM) Wilson (SC) Wolf
---- NOES 228 ---
AbercrombieAderholt Akin Alexander Bachmann Barrett (SC) Bartlett (MD) Barton (TX) Biggert Bilbray Bilirakis Bishop (UT) Blackburn Boustany Broun (GA) Brown-Waite, Ginny Buchanan Burgess Burton (IN) Buyer Capito Carter Chabot Coble Conaway Culberson Davis (KY) Davis, David Deal (GA) Dent Diaz-Balart, L. Diaz-Balart, M. Doolittle Drake Duncan English (PA) Fallin Feeney Flake Forbes Fortenberry Foxx Franks (AZ) Frelinghuysen Gallegly Garrett (NJ) Gerlach
GillibrandGingrey Gohmert Goode Goodlatte Graves Hall (TX) Hastings (WA) Hayes Heller Hensarling Hoekstra Hulshof Hunter Issa Johnson (IL) Johnson, Sam Jones (NC) Jordan Keller King (IA) Kingston Knollenberg Kuhl (NY) Lamborn Latham LaTourette Latta Linder LoBiondo Lucas Mack Manzullo Marchant McCarthy (CA) McCaul (TX) McCotter McHenry McMorris Rodgers Mica Miller (FL) Miller (MI) Moran (KS) Murphy, Tim Musgrave Myrick Neugebauer Nunes
OrtizPaul Pearce Pence Petri Pitts Platts Poe Price (GA) Ramstad Rehberg Reichert Renzi Rogers (MI) Rohrabacher Ros-Lehtinen Roskam Royce Sali Scalise Schmidt Sensenbrenner Shadegg Shimkus Shuster Smith (NE) Smith (NJ) Stearns Sullivan Terry Thornberry Tiahrt Tiberi Turner Walberg Wamp Westmoreland Whitfield (KY) Wittman (VA) Young (AK) Young (FL)
---- NOT VOTING 1 ---
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