September 29th, 2008
06:05 PM ET

This exact bailout bill won't pass, but...

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/09/29/art.blunt.jpg caption="House Republican Whip Roy Blunt, (R), is pursued by reporters after the House voted down the Emergency Economic Stabilization Act of 2008."]
Jessica Yellin
CNN Congressional Correspondent

Deirdre Walsh and I spoke with Minority Whip Roy Blunt. He BELIEVES an altered version of the current bill can pass the House. He believes the bill does need change. He suggests it should go to the Senate first but Senate leadership has indicated that they’re *not* inclined to have the Senate vote first. Blunt also says if the stock market continues to fall that could help change votes.

On what's next? Blunt said he's talked to Paulson, Democrats, and Republicans in the House and Senate. Suggested it could be helpful if the Senate were to vote first. Blunt we're "looking to see if there's anything we need to do to improve this bipartisan bill on Senate side so that the House could deal with this in a few days."

Suggests falling stock market and credit crunch could change votes: “Members on the House side will have a few days now to look at impact of no immediate action on the marketplace and see what happens.” “It will also make a difference if the international credit situation begins to push its way down more to the banks we live. If the banker you know calls you and says I’m seeing this credit restriction is real - that will make an impact on what next.”

“Let’s see what happens tomorrow and the next day. You don’t want to react to just one day.”

Should we expect changes in the bill: "My sense is that this exact same bill couldn’t pass. But this bill could be the basis for final congressional action." "They'd have to expect some changes."

Filed under: Bailout Turmoil • Jessica Yellin • Raw Politics
soundoff (71 Responses)
  1. Chuck Wolfe

    I am against the bailout but would find it more acceptable if the money for it came from the profiteers and the wealthy who have most of the collateral of this country. I've been without employment since the first of the year and I don't qualify for unemployment. Banks are calling and threatening to take my vehicle back and foreclose on my house. Now they want me to bail out Wall Street crooks. The pundits act as if I were better educated about the problem I would agree with this rescue. I am learning to live without credit. I suggest everybody do the same.

    September 30, 2008 at 10:50 am |
  2. sunshine

    Everyone: Check out the FED RESERVE ..it is NOTa government agency..but private, FOR PROFIT..taxpayers's $$$$$

    All need to check out the history of this instituition. All will be suprised by the smoke screen. You will be shocked as to how it is run, The "FED" even provide the list to US president from which the Fed head must be selected. And the Fed board can not be changed during 2 term Presidential adminstration.

    Please ... imperative to check out the facts behind this powerful instituion ...now contolling so much...

    September 30, 2008 at 9:09 am |
  3. Ricardo

    Why won't the american people request that MR BUSH,dig deep into his pocket's and bail out wall street....Why is it up to american people to bail out wall street...????.....was it not MR BUSH that stood infront of the american people and said,the economy is not in any trouble,it's just in a SLUMP...A slump should know a slump when it see's it and if anyone is a slump,it is GEORGE BUSH...what i want to know is,why is the media not showing all the protests by wall st about the bail out...???...

    September 30, 2008 at 9:04 am |
  4. mckemaus

    The sky is not falling.....yet.

    Once the credit stop businesses will failed. Workers will be laid off. The banks that have too much of the toxic holdings will failed, wiping out personal and corporate savings, except for the amount guarantee by the taxpayers through FDIC.

    As unemployment rises, government's tax revenue decreases, affecting its ability to pay for social security and other benefits.

    I don't think average American workers will be comfortable with being unemployed for several years, with a maximum saving of $100K.

    We're not there...yet.

    September 30, 2008 at 2:47 am |
  5. Teresa

    I watched all the CNN shows tonight, and the one thing that really struck me was that not ONE representative who voted down the bill gave the answer "It was the WILL OF THE PEOPLE". Not ONE! It's apparent the will of the people has taken a back seat to the will of corporations, apparently, or partisan pettiness.

    The reason these Reps are in Washington, supposedly, is to REPRESENT the will of their constituents, whether they agree with them or not! We are not ignorant, uneducated idiots. We know what economics are involved, and we said a resounding NO BAILOUT! Still, our congressmen and women ignored our will, at least some of them did. Those representatives will reap the whirlwind of constituent wrath, as they should!

    Let the forest burn, and once it has been cleared of all the bad, dry brush, new green shoots will take their place, which keeps the forest HEALTHY. It's the same with the economy in a free market, and it's the same with GOVERNMENT. OUT, OUT, OUT– with incumbents who voted for this robbery of the American people!

    September 30, 2008 at 2:33 am |
  6. Carol Speigl

    The members of our government (Pres. Bush and Congress) should be ashamed of themselves for what they have done to this country. They have allowed this country to reach the brink of economic disaster. Instead of working together to solve the economic catastrophe that is looming over our country, they are more worried about their petty differences than the well-being of their constituents, and their country. Not only those who voted against the Bailout, but also all those who allowed the economy to go into freefall should be run out of Washington D.C.

    They are responsible not only for ruining the future of our country, but also the lives of its citizens.

    They have a lot of nerve taking a holiday when the rest of us are at risk of not only not being able to ever have a holiday without great sacrifice, but of having our futures destroyed. Those of us who are older put our trust in our government, only to find out that the members of our government are not concerned enough about our financial well-being, to forego their holiday. Shame on you Congress and President Bush!

    September 30, 2008 at 2:19 am |
  7. slp

    anyone that was stupid enough to put their life savings in the hands of crooks deserves it lost when they first came out with 401k plans I knew it was a bad Idea like taken from the poor and give to the rich. so thats not enough lets give them more money they didn't steal enough because of the job shortage this year, Let wall street fall this country survived before wall street and it will do it again. I would say at least 95% of our country doesn't have stocks in these companies it's all forgien investors well these government gives out enough to these countries. If they want to help economy give the people the bailout money they can pay off their mortgages, bank loans, credit card bills, etc. and these companies will have money flowing back in we would not have to pay to bail them out and be higher taxed both we will be better off out of debt these companies would have their money that the stoled from us and we all ready know if Obama gets in we are going to be higherr taxed anyway so see the government gets their bailout money back win win everyone

    September 30, 2008 at 12:00 am |
  8. Shelley Wooldridge

    Larry you couldn't have said it better. My family and I are one of the few who has lived within our means as well. To many greedy people out there wanting everything and wanting it yesterday. Personally I'm tired of it and hope that this time they learned their lesson. The sky is certainly not falling in our direction either.

    September 29, 2008 at 11:51 pm |
  9. eric mills

    i just wanted to know. me and my fiance are getting married in may but we also want to buy a house. together we have about 6 thousand dollars of debt. we are both under the age of 26. our planned wedding will cost us around four thousand dollars. should we use that money for a house, to pay of debt or keep with the wedding plan?? please help.

    September 29, 2008 at 11:21 pm |
  10. Eugenio Albano

    When will the naive public realize that the Democrats rule the roost and could have passed the Bailout bill? No one wants to give John McCain credit for putting the country before his campaign. It is sad that Obama will profit from this failure, and yet it is his party who dropped the ball!
    We need John McCain to pull this together! I pray that the country will reward him if he pulls this together.

    September 29, 2008 at 11:16 pm |
  11. Harold K.

    Ninety five (95) Dems voted against this joke. Congress needs to go after the highly educated, highly compensated executives who are resposible for this crisis. This is NOT a Democrat vs. Republican issue. The bad guys need to go to jail!

    September 29, 2008 at 10:48 pm |
  12. Larry

    The sky is not falling.

    Most of America is not tied directly to Wall Street and are not being directly affected by the current crisis. Yes I understand the connection between current crisis and availability of loans. If I were living on loans I might be worried. I have always lived within my means and if I can’t afford a new house or car right now I’ll just have to wait.
    Don’t let this be an excuse to give 700 billion to the treasure secretary, to spend as he sees fit. Just remember that he helped get us into the mess to begin with. This is not a socialist country and should never become one.
    You will notice that this is becoming a bigger and bigger issue as the people with large amounts of money invested in the stock market become more and more concerned. By the way I’ll bet that all of the news commentators and their guests are heavily invested in the market and are worried about loosing their hundreds of thousands of dollars.
    These are not indicative of the average American worker.

    The sky is not falling.

    September 29, 2008 at 10:37 pm |
  13. Bob U

    Kudos to mary lv on the above statement, 93 democrats voted against the bailout I don't hear anyone saying much about that on tonights program AC 360!!

    September 29, 2008 at 10:33 pm |
  14. mikhail

    I believe olly is on to something. he/she ask, where do our values as a country truly lie? I belive that in we are confused as a nation. in order to solve our great many problems, we need to decide what path to take and support it 100 %. This means that the people of America need to come together unified to achieve our goals. The is more at stake in our future as a nation than either party understands. At the current pace, I may wake up to find the United States have disbanded and fallen into chaos.

    September 29, 2008 at 10:31 pm |
  15. tom cassidy-florida

    The democrats need to write a bill that makes all the dems happy and addresses help and protection of the middle class and pass it . Screw the republicans they got us into this with de-regulation and rich guy taxbreaks and the dems have the votes without them.

    September 29, 2008 at 10:24 pm |
  16. Alycia

    Don't let this bill pass. If it passes it just shows once and for all that the government is no longer "for the people". All the blame cannot be put on any one person, group,organization, or party. It is a snowball effect and it's not right for the government to say the "Big Wigs" and not the little guy!! Call your congressman....It is time Americans stand up to the Government and say enough is enough.... Let's get it over with now, not just procrastinate the inevitable!!

    September 29, 2008 at 10:20 pm |
  17. Guido Spekman, The Netherlands

    "And the home of the brave".. I guess that must be "And the home of the poor"!
    BARACK OBAMA: stand up for all who cries out at you! You want to be a leader? SHOW YOURSELF TO BE A LEADER!
    America needs you. America wants you. The world needs you.

    Please, do what you have to do. Please.

    September 29, 2008 at 10:20 pm |
  18. Annie Kate

    Our do-nothing Congress at work – at least they lived up to the bad opinion we have of them. Instead of looking for someone or some group to blame why don't they put their feelings aside and tackle the real issue – or do they want to be known forever as the Congress who let their country and the world slide into depression. Guess we won't have to worry about which of the programs the candidates can do when they get elected – they aren't going to be able to do any of them.

    Annie Kate
    Birmingham AL

    September 29, 2008 at 9:22 pm |
  19. Craig Reed

    I'snt it true even if your savings account is FDIC Insured there is a loophole that the Govt. actually have 99 years if they choose this option to repay your monies.

    September 29, 2008 at 9:16 pm |
  20. Ron

    If we could pass a law that no one in congress could be re-elected what would the vote be?

    September 29, 2008 at 8:29 pm |
  21. Jackie Triche

    Although I do not agree with this bailout, I don't see an alternative. It is similar to when residents of hurricane ravaged areas are warned...and warned to evacuate their homes prior to the storms landfall. They refuse. But once the Hurricane hits land, they are on their cell phones calling their rescue squads begging for help. Even though we feel that they were warned, they had it coming...we still send our police and firefighters out there to help them. It is in our nature, as Americans to help them in their time of need. Right now, this is "a time of need' for our economy!

    September 29, 2008 at 8:24 pm |
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