Majority of Congressional Black Caucus Against Bailout
Members of the Congressional Black Caucus were divided on the proposed $700 billion bailout plan that failed in Congress Monday afternoon. A slight majority of CBC members voted against the plan, while a significant number voted in favor of the bailout.
In total, 21 members of the CBC opposed the bailout while 18 members supported it. The bill, called the Emergency Economic Stabilization Act of 2008, failed 228 to 205 in the House of Representatives on Monday.
Rep. Jesse Jackson called the bill “a tremendous improvement over the legislation proposed by the Bush Administration last week,” but he voted against it because he said “it still falls short of what is needed to shore up the economy, protect taxpayers and promote economic growth.”
“We have gone from Roosevelt’s New Deal, to Reagan’s Raw Deal, to Bush’s Quick Deal,” Jackson said in a statement. He said the American People are demanding a “fair deal.”
The Illinois Democrat urged Congress to pass a modified bill that includes a new stimulus, a substantial investment in infrastructure and a program that helps keep taxpayers in their homes.
Of the 42 members of the Congressional Black Caucus, 39 are eligible to vote in the House of Representatives. Two members — Donna Christian-Christensen (USVI) and Eleanor Holmes Norton (DC) — are delegates and cannot vote. The 42nd member is Barack Obama, a member of the U.S. Senate, which is expected to take up the bill later this week.