House Democrats Torpedo Bailout Bill

Nancy Pelosi failed to convince 94 Democrat members of the House of Representatives to vote for the $700 Billion Dollar Bailout Bill she and Harry Reid crafted. That should be the headline on the mainstream meadia news shows today.

Of course, it will not be what will be said. House Republicans, John McCain, and George Bush will be blamed. Count on it. After all, Nancy Pelosi made it clear that she wanted a minimum of 95 House Republicans to vote in favor of the Bailout Bill, and only 66 voted for it.

Take note of that. 66 Republicans voted in favor of Pelosi’s Bailout Bill, and 92 Democrats voted against Pelosi. And why did Speaker Pelosi want 95 Republicans onboard? For the simple and obvious reason that House Democrats (and “Blue Dog Democrats” in particular) need to cover their…ahh…votes and spread a thin veneer of bipartisanship over this vote so they don’t take the blame in the November elections.

About two-thirds of Americans in recent surveys did not want the Bailout to pass. Despite the comments that Republicans had to get on board or they would be responsible for the greatest financial collapse since the Great Depression…look carefully at those 94 Democrat “No” votes. Those are Dems in close races, in vulnerable Districts–many of which used to have Republican Representatives–and those Democrats knew that voting “yes” on this Bill was political suicide for them.

The truth of the matter is that with a Democrat majority in the House that could have passed the Bill on their own, Speaker Nancy Pelosi and her cronies failed to convince enough members of her own party to vote for the Bailout and that is why the Bill failed. 94 Democrats said NO! to Nancy Pelosi and her bloated Bailout Bill.

And the Bill failed.