Bailout bill fails
Bailout bill fails
The bailout of $700 billion which was meant to stabilize the economy of The United States of America failed to pass. The government had hoped that on passing of the plan, it would act to stabilize the financial market of United States. The bill was targeted to save all the banks and investment firms who have suffered losses. The government’s idea was to save all such firms. After voting was done it was found that there the government failed to win majority agree to the bailout bill and the voting resulted in 205 votes in favor of the bill. The government needed 218 votes to make the bill pass, but it fell short of by 13 votes. The voting revealed that two-third of the democrats voted and one-third of the total republicans voted for the bailout bill. The bush led government was dissatisfied by the results of the voted, as they repeatedly said that the bailout bill was in complete interest of the economy of the country. George W Bush had said before the voting that they were quite confident that bill would be passed. Many of the leaders blamed poor economic policies of bush led government for the failure. Before voting was done there were long debates and many discussions between many lawmakers and people of the administration. After the bailout bill failed, market reacted violently to it. Wondering why? Well there were many people who believed that the bailout bill would be passed peacefully but that did not happen. It resulted in a downfall of more than 700 points of Dow Jones stock exchange; which is almost equal to 7% of its value. Bailout bill failure also resulted in loads of uncertainties, as people did not what would happen next. But we all know that bush administration is not one that easily accepts defeat. They said they would keep their negotiations on and they completely believed that the bill would soon be clear to be implemented. The government said they would try and use all tools that were available to save the economic condition of the country. The bailout bill voting was also a thing worth watching. The voting was scheduled to be completed in 15 minutes but it took nearly 40 minutes to be done. It was found that many democratic leaders were stretching themselves to make change in their voting option in the last few minutes. The bailout bill failure obviously meant that economic situation of The United of America and also the world would head for much tougher time. The government though hoped of having another voting on the issue very soon, so that they can ease out the economic condition. The government is trying their best to win majority and make the bill go through.