The House rejected it Monday. The Senate approved a revised plan Wednesday. Today, the House returns to the issue: should the federal government intervene to shore up the country’s financial sector?
Southwest Missouri Congressman Roy Blunt, House Minority Whip, has participated in the intense negotiations on a proposed $700 billion proposal to rescue the nation’s financial sector. On Monday, the House rejected a similar plan with 205 members supporting it, but 228 voting against it.
Blunt says leadership learned a lesson Monday. Both Democratic and Republican leaders felt sure would pass. It didn’t. The Senate approved a revised measure on a 74 to 25 vote and sent it back.
Blunt says it’s very important how Congress responds to this crisis.
Changes made in the bill extend tax breaks to businesses and raise the maximum bank deposit the federal government will insure from $100,000 to $250,000. Other additions were made, all with an eye on the House vote, an effort to lure enough votes to make it through the House this time.