US House leaders optimistic on bailout vote

03 October 2008 16:34  [Source: ICIS news]

WASHINGTON (ICIS news)--Republican leaders said on Friday they are optimistic that the controversial $700bn (€504bn) financial rescue plan will win approval in the US House vote expected within hours.

 

Congressman John Boehner of Ohio, Republican leader in the House, said following a closed-door meeting of Republican House members that “I am optimistic about today”.

 

“We’re not taking anything for granted, we continue to talk to our members, but the time to act is now,” Boehner said before he and other members of Congress left for the floor of the House for the crucial vote.

 

Republican sentiment on the revised financial bailout plan is critical because more House Republicans voted against the earlier version that was defeated on Monday.

 

In Monday’s 228-205 vote defeating the rescue plan, 133 Republicans and 95 Democrats combined to beat back the bill.

 

In the vote to be held later today, a simple majority of 218 votes is needed to approve the measure.

 

The bill being voted on is slightly different from the measure defeated on Monday.  The revised legislation, overwhelmingly approved by the US Senate on Wednesday, includes some tax breaks for average families and more federal protection for personal savings and checking accounts.

 

Those “sweeteners” are thought to improve the bailout bill’s prospects among Republicans in the House who had complained on Monday that the bulk of the $700bn burden was being put on the shoulders of taxpayers rather than financial institutions being rescued.

 

Boehner said that calls to members of Congress from their constituents are now “running about even”, a marked change from earlier in the week when public sentiment was said to be running 30-1 against the bailout plan.

 

“Since then the bill has been improved, it has gotten better,” Boehner said, citing the tax breaks and personal savings guarantees.

 

“More and more people are coming to understand that this crisis is having an impact on their retirement savings, their college savings plans and credit access,” Boehner said.

 

“We are optimistic as we go to the floor today,” Boehner said of the coming vote.

 

($1 = €0.72)

 

To discuss issues facing the chemical industry go to ICIS connect

By: Joe Kamalick
+1 713 525 2653

< previous article(VIDEO - ICIS news Asia Lunchtime Bulletin 16 October 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly