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Log inHouse plans second vote on $700 billion bailout
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House plans second vote on $700 billion bailout
by Outspoken on Fri Oct 03, 2008 6:18 am
House plans second vote on $700 billion bailout
By JULIE HIRSCHFELD DAVIS
Associated Press Writer
WASHINGTON - Rejected once amid public fury about bailing out reckless financiers, a $700 billion rescue package is getting a second chance in the House as voters anxiously ponder an economic meltdown that could wipe out their ability to borrow, plunder their savings and put them out of work.
Republicans and Democrats were jumping aboard the bailout as the House sped toward a make-or-break vote — a much-anticipated do-over after the plan met with a stunning defeat Monday, triggering a historic stock market plunge.
It was still unclear, though, whether leaders would have the dozen or so supporters needed to pass the measure.
The plan lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets from troubled financial institutions. If it works, advocates say, that would allow frozen credit to begin flowing again and prevent a serious recession.
Black lawmakers said personal calls from Democratic presidential nominee Barack Obama helped switch them from "no" to "yes," as Republicans and Democrats alike said appeals from credit-starved small businessmen and the Senate's addition of $110 billion in tax breaks and other sweeteners had persuaded them to drop their opposition.
"I hate it," but "inaction to me is a greater danger to our country than this bill," said GOP Rep. Zach Wamp of Tennessee, one of the 133 House Republicans who joined 95 Democrats in rejecting the measure Monday, sending the stock market plummeting.
Others said they were agonizing as they decided whether to change course and back the largest government intervention in markets since the Great Depression. "I'm trying desperately to get to 'yes,'" said Rep. Carol Shea-Porter, D-N.H.
Obama and his Republican rival, John McCain, phoned reluctant lawmakers for their help.
http://news.yahoo.com/s/ap/20081003/ap_on_bi_ge/financial_meltdown;_ylt=AkU_SomeIbjtowX0L4MDZp6s0NUE
By JULIE HIRSCHFELD DAVIS
Associated Press Writer
WASHINGTON - Rejected once amid public fury about bailing out reckless financiers, a $700 billion rescue package is getting a second chance in the House as voters anxiously ponder an economic meltdown that could wipe out their ability to borrow, plunder their savings and put them out of work.
Republicans and Democrats were jumping aboard the bailout as the House sped toward a make-or-break vote — a much-anticipated do-over after the plan met with a stunning defeat Monday, triggering a historic stock market plunge.
It was still unclear, though, whether leaders would have the dozen or so supporters needed to pass the measure.
The plan lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets from troubled financial institutions. If it works, advocates say, that would allow frozen credit to begin flowing again and prevent a serious recession.
Black lawmakers said personal calls from Democratic presidential nominee Barack Obama helped switch them from "no" to "yes," as Republicans and Democrats alike said appeals from credit-starved small businessmen and the Senate's addition of $110 billion in tax breaks and other sweeteners had persuaded them to drop their opposition.
"I hate it," but "inaction to me is a greater danger to our country than this bill," said GOP Rep. Zach Wamp of Tennessee, one of the 133 House Republicans who joined 95 Democrats in rejecting the measure Monday, sending the stock market plummeting.
Others said they were agonizing as they decided whether to change course and back the largest government intervention in markets since the Great Depression. "I'm trying desperately to get to 'yes,'" said Rep. Carol Shea-Porter, D-N.H.
Obama and his Republican rival, John McCain, phoned reluctant lawmakers for their help.
http://news.yahoo.com/s/ap/20081003/ap_on_bi_ge/financial_meltdown;_ylt=AkU_SomeIbjtowX0L4MDZp6s0NUE
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