The American economic bailout package died in the House, 228-205 against.
Looks like this was a bipartisan defeat, mostly prompted by the fact that voters, by and large, hate and despise the plan — and every single Congresscritter is up for reelection in a matter of weeks.
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.
Ample No votes came from both the Democratic and Republican sides of the aisle. Bush and a host of leading congressional figures had implored the legislators to pass the legislation despite howls of protest from their constituents back home, who balked at the price and the perception that the government would be using taxpayer dollars to bail out greedy financial tycoons.
This sets rather an encouraging precedent — wouldn’t it be lovely if those “constituents back home” voiced loud and vociferous displeasure every time the government proposed to use taxpayer dollars to bail out private industry? I’m not going to hold my breath, mind you, but it’s an awfully pleasant thought with a pair of histrionic populists running for President.
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