House dumps bailout
The House just rejected a Bush adminstration-backed plan to shore up the nation’s financial institutions by buying up bad debts.
The vote was 228 to 205.
Reps. Marion Berry, D-Gillett, John Boozman, R-Rogers, Mike Ross, D-Prescott, and Vic Snyder, D-Little Rock, all voted for the bill.
The stock market fell sharply in response to the House vote.
The White House and congressional leaders pushed the plan as a “necessary evil” to protect the economy from the worst financial crisis since the Great Depression.
Opponents said the government shouldn’t be responsible for saving Wall Street firms that caused the crisis in the first place. Other bailout foes demanded more help for American homeowners threatened with foreclosure.
This entry was posted on Monday, September 29th, 2008 at 1:09 pm and is filed under National, U.S. Congress. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.