Congress Faces Wrath of Wall Street, Support From Main Street

Sept. 30, 2008— -- Despite yesterday's shocking setback and widespread negative reaction from constituents, Senate leaders Tuesday night made a surprise announcement that, instead of waiting for the House of Representatives to act again, senators would vote on an amended version of the failed financial rescue bill voted down Monday by the House .

Senate Majority Leader Harry Reid, D-Nev., Monday evening announced plans to vote tomorrow after sundown on the House bill, with some modifications. The two provisions being added as of now -- the bill is still being drafted -- would extend tax relief and more government insurance for voters' personal bank savings.

Senate leaders believe this is the best way to jumpstart the process and get the House -- whether by force or coaxing -- to pass a bill.

They believe they have the votes for this to pass. They have been in consultation with House leaders and wouldn't be taking this action and making these additions to the legislation if they didn't think it would help the House pass the measure when it votes again, likely Thursday.

Members of Congress are back in their home districts hearing from constituents as their leaders on Capitol Hill spent much of the day Tuesday trying to figure out what can be done to make the failed financial rescue bill more palatable.

In Muncie, Ind., Congressman Mike Pence told his fellow Hoosiers why he voted against the $700 billion economic stabilization bill.

"It was based on my philosophical objection to essentially using taxpayer dollars to nationalize every bad mortgage in America," Pence told constituents.

Judging from the phone calls to his office running 9-to-1 against the bill, that was the popular decision.

Indiana resident Gina Robinson said she thought that legislators shouldn't hurry the process.

"I didn't think it needed to be rushed. It's taken a long time for us to get into this position; I think we needed to take the time to back up," Robinson said.

The unpopularity of the bill is a challenge for Democratic and Republican leaders as they try to win support from the 95 Democrats and 133 Republicans who voted against it.

Many congressmen in tight re-election races voted against the bill, with 24 out of 31 members in vulnerable election races opposing the measure, fearing perhaps that they would be viewed as rewarding Wall Street excess on the taxpayer's dime.

House Democrats who voted against the bill explained their reasoning in a press conference Tuesday.

"We want something that will really work. We don't want to reward bad behavior," said Rep. Marcy Kaptur, D-Ohio, one of the rank and file Democrats who voted against he bill."

Other members who voted against the bill simply argued that they needed more time to consider a piece of legislation this significant.

"I think we have an opportunity to be thoughtful," said Rep. Bobby Scott, D-Va., "We have to make sure the taxpayer is considered in all these deals. We need to do it in a thoughtful, deliberate process."