It is a bit more clear today why the $700 billion bailout failed yesterday when the On Monday the House of Representatives failed to pass it.
Both Democrats and Republicans that voted against the bailout defended their stand in a media blitz on Capitol Hill.
Democrat Rep. Lloyd Doggett of Texas said, " I want Wall Street to pay to bail Wall Street out rather than putting the burden on people who had nothing to do with this."
The House of Representative defeated the plan by a 228-205 vote. 165 Republicans and 95 Democrats opposed the plan.
Rep. Marsha Blackburn, A Republican from Tennessee said, "[we're] talking about $700 billion, a $250 billion blank check at this point...But then, on top of that, when you read the bill, there was an increase in the federal debt limit to $11.3 trillion. Now, that is all taxpayer cost."
The fail plan not only affected
Wall Street but also took a toll on
Senator John McCain's campaign.
Senator McCain suspended his campaign last week to return to Washington and find a solution to this financial crisis.
According to the latest CNN poll Senator Barack Obama leads McCain 49 percent to 43 percent. The same poll last week Senator McCain lead Senator Obama 51 percent to 46 percent.
The Senate will vote on the bailout plan tomorrow.