Bailout Gains More Support in the House
Posted on Oct 2, 2008
The Bloomberg news service counts 10 lawmakers who may be ready to switch their votes when the bailout proposal takes another run at the House of Representatives. The original measure failed by only 23 votes and has since been substantially fattened by the Senate.
U.S. lawmakers who helped defeat a financial-market rescue package this week are reconsidering their votes amid signs the crisis on Wall Street is spreading.
At least six lawmakers, including Republican Zach Wamp of Tennessee and Democrat Emanuel Cleaver of Missouri, now say they would support the measure. Four others say they may switch their ballots before the House votes again, as early as 12:30 p.m. tomorrow, on the measure, which failed by a dozen votes Sept. 29.
The legislation allows the government to buy troubled assets from financial institutions rocked by record home foreclosures. It contains provisions favored by House Republicans, including $149 billion in tax breaks, a higher limit on federal bank- deposit insurance and securities law changes.