The Bailout Plan:tweak bailout or risk deep recession

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' The U.S. Senate agreed to vote on a $700 billion financial bailout package on Wednesday night that will include an increase in the amount of bank deposits insured by the FDIC to $250,000 from $100,000, a Senate aide said on Tuesday. Senate Majority Leader Harry Reid, a Nevada Democrat, received unanimous consent from the Senate on Tuesday to schedule the vote on the package the White House says is needed to avoid a broad economic downturn. We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a new direction to a better future..
Fear swept the financial markets after the vote and resulted in the worst single-day drop in two decades, nearly nine percent. The Standard & Poor's 500-stock index fell 8.77 percent, its biggest drop since October 1987. A trader, left, looked at the numbers on a board at the New York Stock Exchange. John Boehner, the Republican minority leader, called the measure "a mud sandwich" but urged members to reflect on the damage that a defeat of the measure would mean "to your friends, your neighbors, your constituents" as they might watch their retirement savings "shrivel up to zero."

Sixty-five Republicans joined 140 Democrats in voting for the measure, while 133 Republicans and 95 Democrats voted against it. "The legislation has failed," Speaker of the House Nancy Pelosi said at a news conference after the vote. Some Republicans seemed to blame Pelosi's speech from the floor, which attacked Bush's economic policies, for the defeat.

Defying President Bush and the leaders of both parties, rank-and-file lawmakers in the House on Monday rejected a $700 billion economic rescue plan in a revolt that rocked the Capitol, sent markets plunging and left top lawmakers groping for a resolution.
The stunning defeat of the proposal on a 228-205 vote after marathon talks by senior Congressional and Bush administration officials lowered a fog of uncertainty over economies around the globe. Its authors had described the measure as essential to preventing widespread economic calamity. The markets began to plummet even before the 15-minute voting period expired on the House floor. For 25 more minutes, uncertainty gripped the nation as television showed party leaders trying, and failing, to muster more support. Finally, Representative Ellen Tauscher, Democrat of California, pounded the gavel and it was done.

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Published on: 9/22/2008 9:44:53 PM

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