Treasury’s $700 billion Wall Street rescue plan collapsed in the House on Monday, sending a shock through financial markets and leaving the Bush administration scrambling to find some new path to deal with the credit crunch facing the American economy.
Republican defections proved fatal to the massive government intervention, which was rejected 228-205. Despite bipartisan appeals from the leadership, anti-Wall Street sentiment and the huge scale of the proposed government intervention proved too much for Treasury to prevail.
Democrats more than delivered a majority of their caucus, and Speaker Nancy Pelosi (D-Calif.) held the vote open to bring her numbers up to 140 votes for the package. But Republicans never topped 70, and the final GOP split was 133 against the bill and only 65 for the measure.
After the vote, Republicans claimed that the Democratic leadership had been warned that fewer than 60 Republicans would vote for the bill. Democrats denied the claim, saying they never would have brought the bill to the floor if they had been told there was so little Republican support. Read Article Here.
Clearly McCain's attempt to moderate discussions and deliver the Republicans failed. I have a feeling that this is not going to help the financial situation.
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