Washington, D.C. shocked the markets just now as the vote on the bailout package failed 228-205, with one nonvote. Critics continue to tout alternative rescue strategies to the bailout which would not use taxpayer money to purchase the mortgage securities. The Dow Jones average dipped almost 700 points just as the “nay” votes passed the critical halfway point of 217 points, and is now stabilizing at approximately 450 points down at 10,700.
Already, two votes have switched to “yea”, and that count now stands 226-208. Right now, behind the scenes, the game of chicken between Pelosi and Boehner continues as another 11 votes are needed to switch to pass the bill. Whether the bill passes today or not will set the political agenda for the candidates the battle may take the focus off of McCain’s newly aggressive strategy outlined in his speech today.
Tags: arm twisting, Bailout, boehner, fails, John Mccain, pelosi, vote
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