The bailout deal just failed in the House–right now the vote is 205 ‘yea’ and ‘228 ‘nay.’ The majority of ‘nay’ votes came from the Republican caucus.
In response, the Dow Jones just dropped like a rock–it’s currently down nearly 600 points.
UPDATE: It’s official, the bailout has failed.
UPDATE II: The Republicans are blaming Speaker Pelosi for the failure.
Seriously, they’re saying it’s her fault because she gave a ‘partisan’ speech that ‘poisoned’ the voting. Seriously, guys? You’re blaming this failure on Nancy Pelosi giving a mean speech?
Come on, guys. More than two-thirds of your caucus voted against the bipartisan agreement but it’s everyone else’s’ fault? How about next time you do your jobs and deliver the votes you promised?
UPDATE III: Here’s the roll call vote.
UPDATE IV: Chris Matthews makes a good point: John McCain ‘suspended’ his campaign to work on this deal, he tried to take credit for the final agreement, he even said during Friday’s debate that he would vote for the bill.
Yet, the GOP didn’t take his side. John McCain yelled ‘charge’ but the Republicans retreated. He’s the Republican nominee for President but he can’t even get half of his party’s caucus to vote the way he wants them to. That’s just pathetic, both on John McCain’s part and on the part of the GOP’s House leadership.
UPDATE V: Speaker Pelosi is giving a statement.
She’s saying the Democrats held their end of the bargain, and that there were major improvements to the bill that were bipartisan–credit for small business owners, protecting savings, preserving retirements, etc.
She’s saying the Republicans didn’t get the message that this bill is needed to stabilize the markets and protect taxpayers. Pelosi then pledges she’s going to try to give the House ‘another bite at the apple.’
UPDATE VI: The Dow is down 655 points. I hope Boehner, McCain and the GOP are happy–they just made the worst economic crisis since the Great Depression worse.
UPDATE VII: The NYSE closed at 4:00; the Dow is down 770 points. It’s the biggest point drop in history.
And it’s all because 12 GOP Congressman didn’t vote the other way. Why didn’t they? Well, according to the Republican leadership, it’s because Nancy Pelosi was mean to them.
Thanks, guys, for putting your precious little egos ahead of the American economy. I’m sure the voters will remember this come election day.
UPDATE VIII: Just in case you’re not convinced McCain bears some blame for not rallying enough GOP votes, here’s McCain campaign strategist Steve Schmidt on Meet The Press yesterday:
“What Senator McCain was able to do was to help bring all of the parties to the table, including the House Republicans, whose votes were needed to pass this.”
Well, Steve, I guess he wasn’t able to bring enough of them to the table, huh?
UPDATE IX: Anyone reminded of this:
Once again, crybaby Republicans throw a monkey wrench into the works because some Democrat dared to bruise their precious, delicate little egos. Except this time the problem is a lot bigger than a simple governmental shutdown–it’s the worst economic crisis since the Great Depression.
Even as a minority these guys are terrible. The less influence the Republican Party has, the better.