The House narrowly defeated the Bailout bill 228-205; as stocks plunge and everyone is wondering how ineffectual is George W. Bush that he cannot bring along his own caucus to back his own historically high-stakes legislation.
Incredibly, the GOP leadership is taking the line that their caucus suffered from hurt feelings by Speaker Nancy Pelosi's speech before the speech that "poisoned" some 12 Republicans prepared to vote for the bill but changed their minds after Pelosi spoke, though Paulson and Bush continued to urge support up until the end.
Said House Minority Leader John Boehner (R-Ohio): Speak Nancy Pelosi’s speech “poisoned” the Republican caucus and “caused a number of members we thought we could get to go south. ... I do believe that we could have gotten there today, had it not been for the partisan speech that the Speaker gave on the floor of the House.”
A Pelosi spokesman said, "You don't vote on a speech, you vote on a bill."
Maybe John McCain will suspend his campaign again and air-drop into the Capital to save the day.
Some 133 Republicans voted against the Bush-sponsored legislation.
From Andrew Sullivan: "Here's the Roll Call: Democrats backed the bailout by 140 - 95 votes, or roughly 60% - 40% (for). Republicans opposed it by 133 to 65, or 67% - 33% (against)."
Rep. Barney Frank, D-Mass:
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