|
Updated: 7:25 PM Oct 3, 2008
ROLL CALL: House Passes Financial Bailout Bill
The U.S. House of Representatives has passed the financial bailout bill 263 to 171. WEB EXTRA: see the complete roll call from Friday's vote, statements from representatives
Posted: 12:45 PM Oct 3, 2008Reporter: WSAZ / Associated Press Email Address: news@wsaz.com |
|
UPDATE @ 1:27pm
The U.S. House of Representatives has passed the financial bailout bill -- 263 to 171. The bill, named the "Emergency Economic Stabilization Act of 2008," is expected to the go the President today.
Here's a breakdown of the votes for our local representatives::
Shelley Moore Capito (R-WV) - NO
Nick Rahall (D-WV) - YES
Alan Mollohan (D-WV) - YES
Charlie Wilson (D-OH) - YES
Geoff Davis (R-KY) - NO
To see how other representatives voted, click on the PDF file above.
SCROLL DOWN FOR STATEMENTS FROM THE REPRESENTATIVES AS WE GET THEM.
Here's how they voted for the first version of the bill, which failed:
Shelley Moore Capito (R-WV) - NO
Nick Rahall (D-WV) - YES
Alan Mollohan (D-WV) - YES
Charlie Wilson (D-OH) - YES
Geoff Davis (R-KY) - NO
UPDATE @ 1:04pm
House Speaker Nancy Pelosi (D-CA) is speaking right now. The vote is expected to happen after her speech.
Keep clicking on WSAZ.com for the latest on the vote, including a breakdown of how your representatives vote.
WASHINGTON (AP) - Party leaders are sounding hopeful, as the House prepares for a vote on the financial industry bailout.
House Republican Leader John Boehner of Ohio says he's "optimistic" that it will pass, but that he's "not going to take anything for granted." He adds that "it's time to act."
The chief Democratic vote-counter, Jim Clyburn, also says he thinks it will pass.
The measure has already moved past a key procedural hurdle on a vote of 223-205.
An Associated Press tally finds 22 lawmakers who voted against it on Monday are ready to vote in favor of the revised legislation today. Officials say the changes have sparked some defections, but a far smaller number.
Georgia Democrat John Lewis, one of the members switching from no to yes, says he's decided that "the cost of doing nothing is greater than the cost of doing something."
But one conservative Republican opponent, Jeb Hensarling of Texas, asks, "How can we have capitalism on the way up and socialism on the way down?"
Here is a statement from Representative Shelley Moore Capito (R-WV):
“While we’ve seen some key adjustments around the edges, this is fundamentally the same bill we considered on Monday,” said Capito. “We’re still talking about $700 billion dollars, and we’re still talking about a process that lacks sufficient oversight and taxpayer protections for West Virginia families who pay their bills and play by the rules. It’s not even clear why $700 billion was the chosen number.
“Clearly we’re all concerned about ensuring the flow of credit, shoring up small businesses, preserving West Virginia jobs and protecting retirement accounts, but there were other options available that weren’t even allowed to be considered. Instead of a serious look at how to reduce the cost to the taxpayer, we saw the add-on of various provisions designed to convince us to switch our votes that has actually made this bill $110 billion more expensive.
“That’s not how we should be addressing this problem, and that’s not how West Virginians want to see us address this issue.”
Here is a statement from Representative Nick Rahall (D-WV):
- “West Virginia’s banks have played by the rules, but if the status quo continues, West Virginians could suffer from the financial crisis. This bill will build a much-needed firewall between West Virginia taxpayers and Wall Street’s greed.
“This bill will keep credit lines available so that small businesses can meet their payrolls and students can take out college loans and have a calming effect on our financial markets to ensure that seniors’ nest eggs and retirement funds are safe and secure. It also contains tax incentives that promote coal gasification and carbon sequestration projects, which are essential to the future use of coal. While I am pleased a resolution was found, the toughest part of the work lies ahead—holding the responsible parties’ feet to the fire and truly reining in the abuses of Wall Street.”
Here is a statement from Representative Charleston Wilson (D-OH):
Following Monday’s vote in the House, in which the first version of the legislation failed to pass, the stock market plunged steeply, costing the American economy more than $1.2 trillion. Middle class Americans instantly saw their 401ks and pension plans – in some cases their only nest eggs – lose tremendous value.
“Banks aren’t lending money, even to each other,” Wilson said. “I spent Wednesday morning at a family owned business in Bridgeport that’s been operating for 80 years. This florist has paid its bills on time and even paid its mortgage off early. It’s had a good relationship with its bank. But it can’t get the credit it needs to buy the big order necessary to prepare for the holidays. If a small and successfully run business like that can’t get credit, it’s a sign just how deep the credit crunch is reaching in our country.”
States and institutions are also feeling the impact of the credit crisis. The Wall Street Journal reported “A fund that invests cash for about 1,000 colleges and private schools suddenly froze withdrawals this week, leaving school finance managers scrambling to make sure they have enough money for payroll and other bills.”
The Los Angeles Times reported this morning that Gov. Schwarzenegger has warned Treasury Secretary Paulson that California may need to borrow billions in emergency funding from the federal government in the coming weeks in order to continue day-to-day functioning.
The Senate version of the bill, which the House passed today also includes clean renewable American energy tax incentives which are critical to creating and saving half a million green jobs and helping us achieve energy independence, tax cuts for 20 million families who could be hit by the Alternative Minimum Tax (AMT), extensions of expiring business and family tax cuts, disaster relief, mental health parity to end coverage discrimination, and other provisions.
“There has been a lot of talk about the $150 billion of spending the Senate added to the bill,” Wilson said. “These are not earmarks headed to specific districts at the request of a specific Senator or Member of Congress. The bulk of the additional spending is AMT relief for the middle class and extending tax incentives that would have expired for alternative energy, including tax credits for the construction of clean coal facilities. I wish that the Senate version of the tax extenders had been paid for. When the House passed a similar package of tax extenders earlier this summer we paid for it. However, it was important to pass this bill today to protect the economy and protect Main Street.”
Latest Comments
Sad thing is that Mollohan is running un-opposed this year. He will get sent back to DC to waste more by default.
To Representative Rahall,and Senators Rockefeller and Byrd>> I hope your yes vote was worth losing mine. Thank you. I see exactly how much this bill was needed now. On friday the Dow, Nasdaq, and S&P finished down, S&P hitting a four year LOW!!! This morning, all three are falling lower and lower. I can't see how this bailout bill did anything but add almost a trillion dollars to our national debt. Thank you government!!! Seantors McCain and Obama>> You just lost my vote for president. Will anyone join me in saying that we, as Americans, have had ENOUGH of democrats and ENOUGH of republicans!?!?!
People should know a bank is the only place you can trade your dollar for a dollar and you will lose money. I will handle my own finances, thanks!!!!!!!!!!! Do you trust these banks and financial consultants to handle your money. They are trained to make money by using your money!!!!!!If you are earning $100.00 but spend $200.00 you are living beyond your means!!!!!!! I dont need somebody to tell me that. I will handle my own finances, Thanks!
|
Popular Searches Powered by Local.com |
- Wal-Mart 'appalled' at racist order over loud speaker
- U.S. believes al Qaeda deadly, 'on run'
- Alleged al Qaeda operative dead?
- U.S.-born cleric: 'America is evil'
- Clinton in Russia for nuke, Mideast talks
- Alex Chilton of the 'Box Tops' dies
- Survivor: Irish priest destroyed family
- Cornell on edge after student suicides
- Obama's physical not like yours
- Aging issues tougher for gays
- Wal-Mart 'appalled' at racist order
- Woman says Irish priest destroyed family
- Cornell on edge after recent wave of student suicides
- Betty White credits longevity to 'blind luck'
- U.S. believes al Qaeda still deadly but 'on the run'
- Officer: Driver of Prius 'in shock' after purported runaway incident
- Kucinich: I'll still pursue 'Medicare for all'
- Idaho challenges national health care proposal
- Where does health care reform stand?
- St. Patrick's Day festivities
- Clinton in Russia for nuke, Mideast talks
- Purported al-Awlaki message calls for jihad against U.S.
- U.S. believes al Qaeda still deadly but 'on the run'
- Alleged al Qaeda operative believed dead
- Officer: Driver of Prius 'in shock' after incident
- Would more women in Church reduce abuse?
- Negotiations under way with Iran over Iranian-American's release
- Haitian kids allegedly taken by Americans reunited with families
- Survivor: Irish priest committed abuse, destroyed family
- Cardinal apologizes for abuse 'failures'
- Arrest linked to Corey Haim death probe
- Survivor: Irish priest committed abuse, destroyed family
- Sweat lodge deaths ruled accidental in autopsy report
- Casey Anthony says she's out of money
- Cops: Stoned dad leaves baby in oven
- Inmate population drops for first time in 38 years
- Oprah defamation suit headed to trial
- Mom: 'Jihad Jamie' was looking for love
- California sushi bar sorry for serving whale dish
- Not guilty plea in lotto winner's slaying
- Obama's physical not like yours
- The facts behind hangover remedies
- Paralympics offer a vision of 'what's possible'
- Key liberal congressman flips to 'yes' on health care
- DNA confirms baby Jenny's identity
- Healthy recipe: Beef & Guinness stew
- Sick ship turning back early
- Fly and cry: Babies divide air travelers
- House health care foes have 200 votes
- D.C. hands out female condoms
- Michael Rosenberg: Get ready for intrigue, drama, upsets; it's NCAA tournament time
- Las Arañas are lurking
- Rangers manager failed 2009 test for cocaine
- LeBron's furious finish helps Cavs clinch Central
- Tebow debuts motion
- Seton Hall sacks Gonzalez; fed up with his antics
- NFL owners will vote on new OT rules next week
- Mariners' Lee suspended 5 games for brushback
- Meyer coaches Gators' spring practice
- NBA approves Jordan's bid
- UPDATE: Dispatchers Say Warrants to be Issued for Man Involved in Chase
- Ohio Executes Inmate Who Killed Neighbor
- Search for Missing Firefighter Enters Day Five
- Power Struggle at Public Hearing
- Huntington High Student Charged with Making Threat
- NEW INFO: One Dead, Two Wounded in Separate Shooting Incidents; Suspect in Custody
- Unemployment Rate Tops 11 Percent in West Virginia
- Former State Legislator Faces Federal Criminal Charges
- UPDATE: Mother Speaks Out about Arrests in Case of Missing Teen
- Marshall Releases 2010 Football Schedule; WVU Game on ESPN
- Search for Missing Firefighter Enters Day Five
106 Comments - Huntington High Student Charged with Making Threat
39 Comments - Tiger Woods to Return to Golf at the Masters
24 Comments - Marshall Releases 2010 Football Schedule; WVU Game on ESPN
24 Comments - Ohio Executes Inmate Who Killed Neighbor
22 Comments - Power Struggle at Public Hearing
19 Comments
![]() |
| PHONE IN YOUR YELLS TO: 1-866-616-5354 |
| Healthy Tri-State Cabell Huntington Hospital and the Huntington YMCA are helping you to live a healthier lifestyle |
|
![]() |
Healthy Connections Find a local health professional |
| WV Lottery Nightly drawings and numbers |
|
| SOMC Very good things are happening here |
|
![]() |
A collection of resources here to help Moms weather the daily storms that come along with parenting. |
| Big Sandy For all your furniture and appliance needs |




