US Congress votes down bail-out

More will come out soon.

The US congress has voted down the bail-out bill because it was seen too much to help Wall St rather than the tax payer. More on this story as it comes in.

NEW YORK (CNNMoney.com) — The fate of the Bush administration’s $700 billion financial bailout plan was abruptly thrown in doubt Monday as a House vote turned against the controversial measure.

The next steps were not immediately clear but supporters were scrambling to put it up for another vote.

What was supposed to be a 15-minute vote stretched past the half-hour mark as leadership scrambled for support.

Investors who had been counting on the rescue plan sent the Dow Jones industrial average down as much as 700 points while watching the measure come up short of the necessary support, before rebounding slightly. The key stock reading was down more than 500 points.

The measure needs 218 votes for passage, but it came up 13 votes short of that target, as the final vote was 228 to 205 against. About 60% of Democrats voted for the measure, but less than a third of Republicans backed it.

President Bush is “very disappointed” by the House vote, his spokesman Tony Fratto said.

Congress men and women are coming together to try to save some of the bill and may have to renegotiate the whole thing, this could lead to Pelosi just to call a halt and then Congress leave until after the presidential election.

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About Bolshy

Blogging in the ether to see if that elusive literary agent or publisher wants some new talent.
This entry was posted in Blogroll, Comment, Conservatives, Democrats, Liberal Democrats, Personal philosophy, Politics, Sociology and tagged , , . Bookmark the permalink.

0 Responses to US Congress votes down bail-out

  1. John McCain says:

    He he he he … those stupid Dems did not see it coming. I let him run right into it, he he he he. Now it’s clear for the American people that this elitist party just wants to spend tax payers money for billionaires whereas I always supported the hard working Americans who lost their homes.

  2. thebeadden says:

    Great news! But stay tuned for proposal number two. They won’t be giving up just yet. Still…the people who called and faxed congress prevailed! YAY!

  3. Will Rhodes says:

    #2 is tomorrow I think Bead. 😦

  4. thebeadden says:

    Have you heard anything yet? I’m avoiding turning on the tv.
    So, I’ll just rely on you for an update. 🙂

  5. Will Rhodes says:

    Nope – they have all gone on a Jewish holiday so it will now be – Thursday LOL

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