Featured News

Election Year Pressure Mounts, House Passes $700 Billion Rescue Bill

Last updated on August 11th, 2014 at 12:00 am

To See President Biden's 5 Best Jokes At The White House Correspondents Dinner visit The Daily.

Once some House members who are up for reelection were given political cover, by a bill which contained minor improvements, they got in line and voted for the bailout/rescue bill by a margin of 263-171. Over 90 Republicans voted for the bill. The big question is what changed their minds?

As usual, it was the crisis hitting home before the politicians were willing to act. Member after member stood up and told stories about small businesses in their districts who can’t get credit, and won’t be able to meet payroll without this bill. The other jolt to House members was that the state of California can’t get credit and the state was going to be in danger of not being able to make payroll at the end of the month. This crisis was no longer about Wall St., but Main St., and Main Street is where the voters live.

What changed was perception. The Congress was longer seen as helping out the greedy people on Wall Steeet, but small town Americans and farmers. Is the bill really that different from the one that failed on Monday? No. What changed is that the crisis of confidence spread from markets to the kitchen tables. A loud and vocal group who got behind this bill were older Americans who are seeing their retirement accounts vanish.

Polls of House members taken before the vote, showed that up to two dozen no votes switched to yes. Why the members who are up for reelection changed their votes is because if they voted no, and the economy got worse, they would have to go back to their districts and explain why they didn’t do anything. At the end of the day, the drama this week was not about the economy, or the financial crisis, but it was election year politics that first rejected the bill, then propelled it to victory. The bill has already passed the Senate and will be quickly signed by President Bush.

Recent Posts

Colin Jost’s Message About His Grandfather, Biden, And Decency Will Define The Election

Colin Jost delivered a powerful close at the White House Correspondents Dinner and his remarks…

3 hours ago

Here Are Colin Jost’s Five Best Jokes At The White House Correspondents Dinner

Colin Jost brought the jokes, but he also closed with a touching and serious moment…

4 hours ago

Why Won’t The Supreme Court Just Answer The Basic Question On Trump Immunity?

When it comes to the Supreme Court's questions regarding Donald J. Trump v. United States,…

14 hours ago

Mar-a-Lago Storage Room Storing Highly Classified Docs Could be Opened with a Coat Hanger

Newly released exhibits reveal that the lock on the storage room in Mar-a-Lago where Trump…

16 hours ago

Maine Vows To Counter If Trump Tries To Steal Nebraska Electoral College Vote

The Maine House majority leader is vowing to counter any move by the Republican governor…

1 day ago

The Hush Money Trial Has Already Broken Donald Trump

Trump looked worn out, worn down, and broken as he left court ranting about various…

1 day ago