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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

House Approves Rules for Debate

The Post's Paul Kane reports from the Capitol:

On a 223-205 vote minutes ago, the House formally approved the rules for debate on the rescue legislation. In an usual move showing their entrenched opposition, 29 Democrats opposed the rule -- which is normally considered a pure partisan vote, with rank-and-file members almost always deferring to their leadership on the parliamentary vote.

In addition to their 203 'aye' votes from their caucus, Democrats needed 20 Republican votes to approve the measure. "That's the first time in 16 years I've been asked to vote [with Democrats] on a rule," said retiring Rep. Deborah Pryce (R-Ohio), who supports the legislation.

Had the rule failed, the legislation would have hit a major parliamentary roadblock.

Two hours of debate on the measure began shortly after 10:30 a.m. After top leaders speak, the vote is expected about 1 p.m.

-- Sara Goo

By Sara Goo  |  October 3, 2008; 11:18 AM ET
Categories:  The Ticker  
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Comments

Those of us who invest in small caps need to pay attention to the vote tonight. If Congress fails to approve the bailout today look for more selling. If they do approve the bill the winners will be financials and housing. With the current economic outlook I don’t expect any bounce to last.

http://www.greenfaucet.com/farrish-files/small-caps-lose-steam/39985

Posted by: macebruce | October 3, 1908 12:08 PM | Report abuse

If the bill passes the winners will be last years losers and the winners this year can become losers. If everybody is a loser, then nobody will be a loser. We can just abolish the court system next, because every case will be a winning case. All the news will be good news. I keep reading bad news and it keeps getting worse as the days go on. I guess the plan is to nationalize the newspapers and the news will be just like China. Do we all get free milk for the babies? I'm looking for a $300,000 house since we won't have to pay the mortgage, who cares? I also need a new car and I don't want a payment book. I have a $700.00 EMT bill because some lawyer put a legal hit on me and my credit rating is going to hell. Am I angry? Not really. People are idiots, so what can you do? It's all worth a laugh. I'm going to have a Scotch and watch the fools debate who the biggest fools are. Capitalism will find a way. I could use more money myself and Washington is broke. If you are going through hell, hope you enjoy the trip. Joe Kennedy is gearing up with free heating oil for the long cold winter ahead, so stay warm commrades.

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Posted by: JD in PA | October 3, 1908 1:19 PM | Report abuse

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