House to Vote Today on Financial Rescue
Today is game day in the House of Representatives as members prepare to vote for or against the Emergency Economic Stabilization Act of 2008 at 1 p.m. Early this morning, President Bush appeared before cameras at the White House, urging Congress to adopt the rescue plan, saying “Every member of Congress and every American should keep in mind, a vote for this bill is a vote to prevent economic damage to you and your community.”
The House went into session unusually early this morning to allow for three hours of debate on the bill. Speaker Nancy Pelosi had indicated yesterday that she would like to hold the vote as early as 11 a.m. The currently scheduled 1 p.m. vote suggests members needed more time to shore up support. One positive sign is that Rep. Paul Ryan (R-WI), the ranking member of the House Budget Committee and a chief architect of the Republican alternative, has announced he will vote for the rescue plan.
The Senate is expected to vote on the House-passed bill on Wednesday.
Attached to this report are three documents for your review:
- the text of the bill
- a section-by-section analysis prepared by Hill staff
- a letter from the Director of the Office of Management and Budget to House Minority Leader John Boehner addressing Republican concerns
