WASHINGTON (CNN) -- Democrats and Republicans on Capitol Hill immediately blamed each other for the failure of a $700 billion bailout package in the House on Monday.

Republican leaders speak to reporters on Monday after the bailout bill failed to pass.

House Minority Leader John Boehner, R-Ohio, said there would be no revote on the bill on Monday because members had left the Capitol.

It was unclear in what form the congressional leadership would bring the bill back to the House floor.

The package, which was backed by both the Democratic and Republican congressional leadership as well as President Bush, failed in the House by a vote of 228-205.

A majority of Democrats voted for the bill. A majority of Republicans voted against it. The Republican vote was more than 2-1 against the bill.

After the vote, President Bush was "disappointed" that the House failed to pass the bailout, saying, "We put forward a plan that was big because we got a big problem."

"Our strategy is to continue to address this economic situation head on. We'll be working to develop a strategy," Bush said.

Bush said he planned to meet with his advisers and will be calling congressional leaders Monday afternoon.

When the gavel came down, the members on the floor were nearly silent. Democratic members immediately met in Speaker Nancy Pelosi's office after the vote. Republican members went into the office of Boehner, the top Republican in the House.

Senate passes $600 billion spending bill
The stock market immediately dipped hundreds of points after it became apparent that the bill would fail.

The Republican House leadership blamed Pelosi, saying she gave a partisan speech before the vote that alienated House Republicans.

While thanking Treasury Secretary Henry Paulson for negotiating on the bill, Pelosi said on the House floor that the Democrats had insisted that the bill "protect the American people and Main Street from the meltdown on Wall Street."

Pelosi also said the cost of the bailout "is a number that is staggering, but tells us only the costs of the Bush administration's failed economic policies -- policies built on budgetary recklessness, on an anything-goes mentality, with no regulation, no supervision and no discipline in the system."

After the vote, Boehner said, "Americans are angry, and so are my colleagues. They don't want to have to vote for a bill like this, and I understand that."

"I think that we need to renew our efforts to find a solution that Congress can support. I do believe that we could have gotten there today had it not been for this partisan speech that the speaker gave on the floor of the House," he said.

But Democrats dismissed the Republican complaints, saying the Republican leadership failed to convince their members to support the bill.

"They lost 2-1 on their own side, voting against their president, their presidential candidate and against every leader in their own party," one Democratic source said.

More...

Lawmakers quickly point fingers after bailout fails - CNN.com

So, the Republicans gave Pelosi the finger... and screwed us all over,

CNNMoney.com Market Report - Sep. 29, 2008

Y'all better really cling to them guns and religion now... you'll be needing em, .

Barney Frank remarked on the numerical "coincidence" that the number of "deeply offended Republicans" who voted no equalled exactly the number needed to reach the 218 votes in favor to pass the bill.

"I'll make an offer," he added. "Give me those 12 people's names and I will go talk uncharacteristically nicely to them and tell them what wonderful people they are and maybe they'll now think about the country."

great line from Barney

(I'm still against the bail out)

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"No man is happy without a delusion of some kind. Delusions are as necessary to our happiness as realities."
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I think it's appropo at this point to mention that Paulson and the crowd in favor of the bailout are also the same people who feverishly urged us all to stock up on duct tape after 9/11.

How the h-e-doublehockeystick does this work?
They're pissed off over the CONTENT of the LEGISLATIVE BILL.

But what made them stop was the words of the Democratic speaker of the house???

I mean, me personally? I'm not a fan of Pelosi.
But if you don't like her words, TAKE IT OUTSIDE!!!
What I "read" here is that they CLAIM that they didn't vote a certain way, NEGATIVELY IMPACTING the nation, based on the statements of the opposition party.

I got news for ya bone-head. There is ALWAYS going to be some bone-head on the other political party saying things you don't like.
THAT is why you go out there and you SPEAK YOUR OWN OPINION in the media. Go spout off on Fox News or CNN or New York Times or New York Post or the Enquirer...
LATER you point out where she was wrong, cause I don't think anybody is going to believe Republicans voted for this based on Pelosi's opinion...

Either they are stupid in USING a dumb excuse, or they are stupid in believing Americans are gullible enough to fall for that.
Either way, it reflects poorly on Republicans.

If you don't want to vote for it cause you hate it, then say "I hate it and I'm not going to vote for it".
None of this "Pelosi said something I didn't like, ergo I changed my mind and decided to do something different..."


I think this hits the nail on the head.


EXACTLY!!!

In the words of Mrs. Gump, "stupid is as stupid does",

Maybe it's a lot more simple than it looks. Maybe these guys bailed on the bail, cause their lobby friends didn't like the conditions?

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Salty

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Those that bailed did so because the public knows this is a bullshit scam and howling at their doors, and they would lose their jobs if they voted for it.

There is also the fact that the bill doesn't do anything Pelosi and Frank are running around claiming it does; they're lying through their teeth about what's in it.

Well I'm all for them including bankruptcy restructuring in the new proposal. All the crooks filed three or four times. Then they changed the law where it's better to not file at all and leave your credit /law suits /garnisheements where they stand. Even people who have only medical bills cannot get help with their situation.
And I am glad they want to limit the salaries of these thugs who are asking for our money. And I am glad there was a committee not just the one guy to oversee this thing. I hope the new one does that as well.
I suspect why the Republicans didn't want it was because it would only release 250 bill at first and wasn't a no-holds-barred deal the Treasurer wanted.

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Salty

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I suppose you can download a copy of it and read it, and see if does what you want it to do.

I checked out the first one as much as I could. It looked like a done deal and was just waiting on the rubber stamp. But maybe there's something missing that is "vitally important" to the tax payers.
Then again they could just be dickering to see what happens to the markets if they were to do nothing. We may never know.

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Salty

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