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Pelosi Attacks Needed Republicans Before Bailout Vote – Sinks It

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Stocks spiraled downward 777 points (The Dow’s largest one-day point loss) on Monday as a $700 billion bailout of Wall Street ended in defeat in the House of Representatives after the failure of leadership on the part of Speaker Nancy Pelosi.

Opponents said part of the reason for the opposition from Republicans was what they termed a partisan attack speech by House Speaker Nancy Pelosi, said one GOP source. House Minority Whip Roy Blunt said he thinks Republicans could have provided a dozen more votes had Pelosi not given her speech.

Pelosi had said that Congress needed to pass the bill, even though it was an outgrowth of the “failed economic policies” of the last eight years.

“When was the last time someone asked you for $700 billion?” she asked. “It is a number that is staggering, but tells us only the costs of the Bush administration’s failed economic policies — policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system.”

House Republican Conference Chairman, Rep. Adam Putnam, R-Fla., said “he was disappointed that the process that yielded a bipartisan approach took a very marked, partisan tone at the end of the debate.”

This is not a partisan crisis, this is an economic crisis,” said Deputy Minority Whip Rep. Eric Cantor, who said that 94 Democrats also refused to go along with the bill. He described the vote as the result of “Speaker Pelosi’s failure to listen and failure to lead.” He was referring to the Speaker’s highly partisan speech before the vote blaming the Republicans and President Bush for the crisis.

Pelosi said that Republicans have not received the message from the White House that bipartisanship was needed, in spite of President Bush’s dozens of calls to House members and public statements calling for bipartisan cooperation.

“We delivered on our side of the bargain,” Pelosi said, congratulating Democratic leaders for getting 60 percent of the caucus to support the White House bill. “We extend a hand of cooperation to the White House, to the Republicans so we can get this issue resolved” even though Speaker Pelosi as the leader of the House Majority could not muster her own members to approve the measure.

In a statement by senior policy adviser Douglas Holtz-Eakin. “Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill,” said Holtz-Eakin. “Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome. This bill failed because Barack Obama and the Democrats put politics ahead of country.”

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Written by Ridgeliner7

Monday, September 29, 2008 at 12:00:19 PM

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