Client Alert

Comparison of the Original U.S. Treasury Proposal and Current House/Senate Compromise Bill

September 29, 2008

Jerry Comizio, Kevin Petrasic, Lawrence Kaplan and Jason Rosenstock

The U.S. House of Representatives defeated the Economic Stabilization Act of 2008 today on a widely nonpartisan vote of 205-228. The 133 Republican members who opposed the economic stabilization package were joined by 95 Democratic members (see below page 15 for roll-call vote).  While Republican opposition came mostly from the conservatives ranks of the Republican Conference, Democratic opposition was generally spread across the Caucus (but included an overwhelming number of freshman Democrats, suggesting deep constituent dissatisfaction with the bill).  House leadership has indicated that a re-vote will not occur today, but left open the possibility of a vote later in the week.  Also unclear is the impact that todays House vote will have on Senate action, which was expected to occur later this week.
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