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Friday, 3 October, 2008 | Subscribe | News Research Centre | Place a Classified Ad | Advertise | |
| |  WASHINGTON -- President George W. Bush and congressional leaders lobbied furiously yesterday for enough House support to push the troubled $700-billion financial industry bailout bill to the finish line, and the measure won converts from both parties on the eve of a showdown vote. Bush said "a lot of people are watching" and he kept up his pleas from the White House as Democratic and Republican leaders worked-over reluctant colleagues wherever they could find them. Bush argued the measure represents the best chance to calm unnerved financial markets and ease a worsening credit crunch. Rep. Steny Hoyer, the second-ranking House Democrat, said there was a "good prospect" of approval but he wouldn't put the measure up for the vote planned today unless he was confident it would pass. The chief Republican vote-counter, Rep. Roy Blunt of Missouri, said, "I think we will be able to go to the floor and be successful." GOP Rep. Zach Wamp of Tennessee announced he was switching his vote from "no" to "yes." "If some of us don't change our vote, tomorrow's (today is) going to be a real ugly day in America, and I don't want to be a part of that," Wamp said. He was one of the 133 House Republicans and 95 Democrats who dealt the measure a stunning defeat Monday, sending the stock market tumbling. Democratic Rep. Emanuel Cleaver of Missouri, another opponent on Monday, also planned to change his vote to a "yes" the second time around. "America feels differently today than it did on Friday about this bill, and he believes the House vote will reflect that shift," said Danny Rotert, his spokesperson. Speaking to reporters during a meeting with business executives, Bush said the tight credit markets are not just hitting big banks in New York City, but in some instances, threatening the existence of small businesses across the country. He said Congress must listen to those arguing for passage of the bill, derided by many on Capitol Hill and within the general public as a handout to greedy Wall Street risk-takers. The rescue package would let the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and prevent a serious recession. The much-maligned measure returned to the House after the Senate resuscitated it with tax cuts in a 74-25 vote late Wednesday. The bill had been defeated narrowly Monday.  Business Headlines Another plant closingJob Action Centre helps laid-off workers get back on their feet GM calls rescue plan vital Financial crisis affecting farmers U.S. jobless claims hit seven-year high, factory orders fall Despite financial crisis, ECB's interest rates steady Financial crisis hitting malls Sarkozy calls summit on economy Bailout likely to pass today In Brief Corporate growth clipped Skeptics doubt bailout will revive energy demand Second 800-point drop hits TSX
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