The Congress has just voted down the proposed bipartisan bailout package. 95 Democrats and 133 Republicans rejected the plan:
The Roll Call vote is here.
The vote failed in part because the Republican leadership failed to deliver the 70-100 votes needed from the conservative side. Before the vote, House Minority Leader John Boehner (R-OH) implored his GOP colleagues to vote in favor of the negotiated bailout proposal, almost breaking down into tears. Watch it:
When asked what might happen if the $700 billion dollar rescue plan failed to pass, billionaire investor Warren Buffett said today, “Heaven help us.” The Dow Jones Industrial Average “dropped more than 700 points as ‘no’ votes mounted,” later stabilizing around 500 points.
UPDATE: Yglesias: “Given that the House GOP didn’t deliver the 80 (or whatever) votes that Democrats were making substantive concessions in order to achieve, now I really don’t see why the Democratic leadership doesn’t tear this thing up and start writing a progressive bill. Not only might that produce a good outcome in the end, but it also seems to me like the thing that would be most likely to convince recalcitrant House Republicans to get with the program in order to preempt something more left-wing.”
UPDATE II: Rich Lowry says Pelosi is at fault because she gave a “partisan speech” prior to the vote. In a GOP press conference, Reps. Boehner and Eric Cantor made the same argument.
UPDATE III: View Pelosi’s speech here. Her speech mentions the word “Republican” once: “Over the past several days, we have worked with our Republican colleagues to fashion an alternative to the original plan of the Bush Administration.”
UPDATE IV: After looking at Pelosi’s speech, CNN’s Ed Henry said he couldn’t “find the partisan thing that they say sort of inflamed Republican members.” Watch it: