The vote is still open for arm twisting, but as of this moment the bailout bill is failing 199 to 223. More coming…
207 to 226… Dems 141-94, Republicans 66-132. Time has expired, and members can be heard hollering for “regular order”… in other words, calling for the vote to be closed.
UPDATE, UPDATE (11:05AM):
The bailout bill fails 205-228.
UPDATE, UPDATE, UPDATE:
It should be noted that while there was a bipartisan rejection of the bill in its current form, President Bush could only muster about a third of House Republicans behind his proposal. Considering the circumstances, this was about as close as we come in the US to a vote of no confidence, and was this a parliamentary system, our government would have just collapsed. Fortunately, we have new elections already scheduled for six weeks from tomorrow.
The Dow is currently down 450 points at 10,692. That’s not so surprising considering the gains at the end of last week had already built in anticipation of the bailout passing… and the expectation remains that a bailout plan, in one form or another, will eventually pass Congress, and probably soon. Just not this one.
Again, I’m not necessarily opposed to some sort of rescue package, I just want one that focuses on the core problems, protects taxpayers, and doesn’t hamstring the Obama administration from effectively acting later, as this ongoing crisis unfolds. If it takes another week or two to do this right, we’ll all be better off for it.
Aye: Baird, Dicks, Larsen, McDermott, Smith. Nay: Inslee, McMorris-Rodgers, Reichert.
And it should be noted that before the vote, Darcy Burner told the Seattle Times’ Emily Hefter that she would have voted against this package:
“We need to do something,” she said. But she said the compromise package being pushed by Democratic leaders in Congress doesn’t go far enough to protect taxpayers.
Burner said it doesn’t fix the underlying problems that caused the financial crisis, namely too much deregulation of the financial industry. And she said it doesn’t do enough to limit executive pay.
Burner’s opposition marks one of the first times she has come out against the House Democratic leadership, especially House Majority Leader Nancy Pelosi, who is championing the bailout package and has supported Burner’s Congressional bid.
It’s not really the first time Burner has opposed the House leadership, but it is the first time the press has reported it. So I guess it’s easy to understand how Hefter might conflate the two.
And while I’m happy Reichert voted no, just listen to this pathetic interview gave this morning to NWCN, in which he answers every question with a question. I dunno, it sure looks to me like he was waiting to see whether it would pass or fail before he determined how he was going to vote.
WA DELEGATION UPDATE:
Oops, forgot about Hastings, who also voted nay. But then, who doesn’t forget about Hastings?