House members reject bill, accusations fly

The House of Representatives rejected the $700 billion plan 228 to 205, with over 100 House Republicans voting against Bush’s personal plea.

Facing the sound defeat of his Wall Street bailout plan and a historic single-day drop in the markets, President Bush and his advisors will have to go back to the drawing board. In the confusion and flying accusations just five weeks from elections, the House of Representatives rejected the $700 billion plan 228 to 205, with over 100 House Republicans voting against Bush’s personal plea.

On "The Takeaway" — David Herszenhorn, "New York Times" reporter, to talk about how events unfolded.

According to Herszenhorn, "You had, basically, lawmakers voting with their districts, and what they were hearing back from them was ‘don’t do this.’

"The Democrats were very clear … leading up to this vote … that there would have to be wide bi-partisan support for this to pass.

"You had Republican members who are all up for re-election, it’s just five weeks from election day … and they had stuck with the President through the war, they had stuck with him through the looming budget deficit, they stuck with him through falling poll numbers; and finally when it came to this $700 billion dollar rescue plan, they’re running for reelection, he’s not, and they said enough, we’re not doing it."

There was a lot of finger-pointing in the House — from offended Republicans to the House Speaker’s speech, to John MccCain — when it came to who determining or what might have hurt the bill’s chances.

"The Takeaway" is PRI’s new national morning news program, delivering the news and analysis you need to catch up, start your day, and prepare for what’s ahead. The show is a co-production of WNYC and PRI, in editorial collaboration with the BBC, The New York Times Radio, and WGBH.

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