House Bailout Bill...It's Losing UPDATE: DEFEATED

Time has expired but they always run long. Right now it's 196 Yes, 221 228 No.

They are going to need to find some switchers to pass it.

Republicans are yelling for order...in other words to call the vote.

Update 1:50 eastern...228 No votes. They are holding the vote open but can they find 10+switchers? Only 65 Republican Yes votes.

1:54: Dow down 700 but regaining some.

2:00: They are still holding the vote open. They got two to switch so it's 207 Yes, 226 No. Republicans are still yelling for the vote to be closed.

2:04: Package fails in House 205-228. Let the economic and political fall out begin.

Anybody got a Plan B? I guess we'll see if Paulson was Chicken Little or some one we ignored at our own peril. I hope at the least we'll see some changes like getting rid of 'mark to market' (though there is no market for MBSs so I'm not sure how much that helps at this point).

Of course this is DC so nothing is really permanent. They may come back with something else later this week or next.

Reason? [ace]: Speculation that Representatives were annoyed that they were being bull-rushed to do this today whereas the Senate won't be voting until Wednesday or Thursday. Reps figured, "Why can't we have two or three more days, too?"

posted by DrewM. at 01:46 PM

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