House Democrats Planning To Revive Bailout Bill!

Submitted by SadInAmerica on Mon, 09/29/2008 - 6:23pm.

Democratic leaders in the House of Representatives are going to try to put together another financial rescue bill after a $700 billion plan was rejected in a House vote, a senior House Democrat said.

As he rushed into a meeting in the office of House Speaker Nancy Pelosi, Rep. Chris Van Hollen of Maryland, chairman of the Democratic Congressional Campaign Committee, said he expected the leadership to advance another bill, but that he had no idea when it would happen.

The House defeated the rescue plan after ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.

When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away.

Stocks plunged on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor. But after being down more than 700 points, the market pared its losses.

"I think they're anticipating that there'll be another vote." Bill Gross of Pimco told CNBC right after the vote. "Because if there is no package, there will be a tremendous hole in credit markets. This must be passed."

September 29, 2008 - source CNBC

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Submitted by SadInAmerica on Mon, 09/29/2008 - 6:23pm.