Bailout Bill Passes House 263 - 171

Maria Niles — Fri, 03 Oct 2008 13:30:35 -0500

After initially defeating the proposed banking bailout bill, the House of Representatives passed a revised version approved by the Senate days ago.

Representatives changed their minds after evidence of the crisis increased (such as the state of California's $7 billion loan need) and "sweeteners" (or pork if you prefer) were added.

Some were relevant such as raising the FDIC cap from $100,000 to $250,000, others were tangentially related such as extending for another year Alternative Minimum Tax (AMT) relief and others, while nice, were completely unrelated like mental health parity.

My congressional representative changed her vote. Like me, she was skeptical at first and voted no but then saw the effects of the crisis trickling down to her constituents and voted yes.

I am fortunate that my representative so well and reliably votes her constituents' wishes. However many of you called your representatives and senators to share your thoughts. How did your congressperson vote? Are you happy or dismayed by the outcome today?

Shireen Mitchell, digitalsista on twitter has been covering the bailout bill which she calls "corporate welfare." After passage she tweeted:

anyone want to meet for a drink? I heading downtown and I will be stopping at my favorite place afterwards. #bailout I need to #splurge

Liza Sabater live blogged the House vote at culturekitchen.

Leslie Carbone says it is a time to hope:

If you voiced your opposition to this bail-out to your Senators and Representatives, in a blog post or a letter to the editor or a call to a talk-radio show, or in a conversation with a friend or family member, you are part of a historic effort, an effort to throw off the soft tyranny of federal molly-coddling.

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Bailout Bill Passes House 263 - 171