2nd UPDATE:Pelosi:Won't Take Rescue Bill To Floor Without Votes
Friday October 3rd, 2008 / 0h00
(Updates with further details) By Corey Boles and Patrick Yoest Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- House Speaker Nancy Pelosi, D-Calif., said Thursday that Democratic House leaders would not bring the financial-rescue legislation to the floor for a vote unless they are confident they have the support to pass the legislation. Pelosi and other senior members of both parties were left pointing fingers at each other Monday when the House defeated the bailout package, throwing the markets into a tailspin and leaving the future of the measure uncertain. Momentum was regained last night when the Senate brought a version of the bill with some changes, and lawmakers in that chamber strongly endorsed the package, with a 74-25 vote. Pelosi said she didn't think there would be any changes to the Senate bill, despite calls from members on both sides of the aisle to further modify the bill to win more support. House Majority Whip James Clyburn, D-S.C., whose job is to count the votes for the Democrats in the House, said he hadn't heard of any Democratic members who voted "aye" on Monday intending to switch their votes to a "no." There are concerns that some members of the fiscally conservative Blue Dog coalition, a group of moderate Democrats, might switch their votes to protest the Senate'S adding about $107 billion in tax credits to the bill. Rep. Jim Cooper, D-Tenn., said after a meeting with the Blue Dogs Thursday afternoon that he hadn't heard of any members of the group changing their minds at this stage. Another member of the group, who asked not to be named, said that the Blue Dogs were furious at the addition of the tax credits to the bill. Clyburn said he was "cautiously optimistic" that the Democrats would be able to hold on to the "aye" votes from Monday and that Republicans would be able to persuade members to switch their votes to support the legislation. "I'm optimistic we can get this done," he said. He said he hadn't conducted a formal whip count of supporters of the bill, but would do so later when House Democrats met to discuss the rescue package. So far four members have publicly stated they plan to change their votes when the rescue legislation comes up again in the House. Reps. Shelley Berkley, D-Nev., Emanuel Cleaver, D-Mo., and Zach Wamp, R-Tenn., have said they plan to change their votes to support the measure. Rep. Jim Ramstad, R-Minn., said that he would also switch his vote to supporting the bill. "The revised bill is a recovery bill for the economy and a recovery bill for millions of Americans suffering the ravages of mental illness and addiction," said Ramstad. Ramstad has been a champion in the House on compelling medical insurers to charge comparable rates for coverage of mental illness as they do for physical illnesses. Rep. John Shadegg, R-Ariz., said Wednesday he was leaning towards switching his vote. A last minute attempt by some Republicans to try to change the Senate bill seemed destined to be thwarted. Rep. Steve Latourette, R-Ohio, said Thursday that he had lined up 11 House Republicans to switch their votes from no to yes on the rescue package if an amendment making a number of modifications was to be adopted. Latourette's amendment would reduce the Treasury's authority to purchase assets from $700 billion to $250 billion, require an affirmative vote in November to continue the asset-purchase program and remove several spending items added on the Senate bill. The House Rules Committee would have to approve a rule allowing a vote on Latourette's amendment in order for it to advance. Given the Democrats control a majority of the rules panel however, the attempt at changing the bill is unlikely to succeed. Rep. Spencer Bachus, R-Ala., the top Republican on the House Financial Services Committee, expressed support for Latourette's amendment and said he was wrestling with whether to switch his vote to oppose the bill if it is not accepted. -By Corey Boles and Patrick Yoest, Dow Jones Newswires; 202-862-6601; corey.boles@dowjones.com (Ian Talley contributed to this report) Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=b0mLQ9gk7h7oHq8Uk5fR6Q%3D%3D. You can use this link on the day this article is published and the following day.
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