As you know by now, the U.S. House of Representatives voted on the $700 billion bailout yesterday.
In the House, a simple majority rules. Bills can pass by a one vote margin. The Democratic Party has the majority in the House which is comprised of 435 members. 235 are Democrats, 199 are Republican, and 1 seat is vacant. In order to pass this bill today, the Democrats simply needed 218 votes.
Since the vote failed earlier today in a vote of 205-228 (1 member did not vote), I have heard talk from all of the major news outlets that the Republicans were responsible for the failure of this bill.
How did the Republicans kill this bill? That argument just isn’t logical at all.
Sixty-five Republicans voted FOR the measure. Because of those 65 votes, the Democrats simply needed 153 votes from their own party, yet only 140 of them thought voting for the measure was a good idea. Along with 133 Republicans, 95 Democrats voted to kill the bill.
Without any help from Republicans, Nancy Pelosi needed 92.7% of her colleagues to vote for the bill. Because of the number of Republicans that voted for the bill, that number lowered to 65.1%. She ended up with 59.6%. Forty percent of her own caucus voted against her. This vote was an epic fail for the Speaker of the House and it showed the true measure of her leadership.
The American people did not want this bill and I commend the 228 Representatives who stood their ground and actually represented the people.