Posted by: Lipstick Piggy | September 29, 2008

Update: Bail Out Bill Rejected by House

I’ll Update this as more info comes in.

Fox News – Wall Street Bailout Bill Headed Toward Defeat in House

House leaders held open the vote as they tried to sway reluctant lawmakers to support the plan, which was failing 207-226 after the vote clock expired but arm-twisting continued.

Opponents said part of the reason for the opposition from Republicans was what they termed a partisan speech by House Speaker Nancy Pelosi, said one GOP source.

“Pelosi’s partisan speech has caused our members to go berserk and may cost us any remaining chance to pass the bill,” the source said.

Pelosi had said that Congress needed to pass the bill, even though it was an outgrowth of the “failed Bush economic policies” of the last eight years.

Supporters of the bailout bill had said they didn’t like it but didn’t want to play with history or risk an economic collapse.

“I’m not willing to put that bullet in the revolver and spin it. I will take the political risk,” said Rep. Spencer Bachus, R-Ala., the ranking member of the House Financial Services Committee.

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