Bailout Dies In House On First Vote! Vote To Reconsider Passes

Oct. 27 2008, Published 7:07 a.m. ET

With a vote of 228 against and 205 in favor, the House of Representatives has bailed on the bailout bill. (218 votes are needed to pass.) Republicans were 132 to 66 against; Democrats were 141 to 94 in favor. Of course, the Dow immediately began plunging as the vote was conducted—it recovered partially a few minutes later. The House has passed an act to reconsider, revealing the first vote to be grandstanding so that people can change their votes and say, "I held out for you" to their constituents. That vote is unlikely to occur today. They will use the massive Dow drop—of 700 at one point—to make the case that they had to vote for it the second time around. Then it will most likely squeak by. This is one of the most cynical moves in politics in recent years—the House knew very well who was voting which way.