Tony Perkins, Family Research Council Action President, gives a run down on the House vote against the bailout. With the help of Democrats, Republicans stood their grounds against another Socialist government take over which the majority of the public oppose.
Seeing Red
Reflecting a national mood of deep popular mistrust in both parties, the House of Representatives voted down the bailout measure this afternoon, 228-205. Stocks headed sharply south. President Bush announced himself "disappointed" and the White House says he will huddle with his advisers this afternoon.
Earlier today, after a week of negotiating, the Congress and President Bush came to an agreement on a bailout plan. The Republican House Leadership and Senator John McCain (R-Ariz.) deserve praise for trying to inject conservative principles into the rescue plan.
While the current proposal fell short of upholding conservative ideals, the Congressional conservatives played an important role in keeping out the already-borderline socialistic White House proposal and some Hugo Chavezesque suggestions from the Democrats, such as allowing judges to set mortgage rates and creating a slush fund for liberal groups like ACORN.
However, the final plan did not reform what has created the problem nor did it adequately explain how the taxpayers get their money back. Moreover, the bailout seemed to create a new entitlement in a federal insurance system for every home loan in America. Speaker Nancy Pelosi (D-Calif.) also highlighted changing the proposal's original scope to include a federal bailout of failed city governments, making all U.S. taxpayers responsible for disastrous city councils.
Responsibility is a lost word for many nowadays. Maybe the House vote signals more effort to restore that responsibility.
Additional ResourcesNYT: House Rejects Bailout Package, 228-205; Stocks Plunge
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