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Courier News - Update: NJ House Members Vote 7-6 Against Bailout

Press Release

Date: Sept. 29, 2008
Location: Washington, DC
Issues: Finance and Banking Economy and Fiscal


Courier News - Update: NJ House Members Vote 7-6 Against Bailout

Seven New Jersey House members joined 221 colleagues Monday in rejecting a $700 billion economic bailout, handing a defeat to President Bush and congressional leaders who had argued the plan was bitter but necessary medicine to prevent a financial meltdown.

The stunning 228-205 vote against the bill sent stock prices sharply lower and the Dow Jones industrial average finished the day down nearly 780 points, its biggest one-day drop in history.

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"The outcome of today's vote was unfortunate. ... Without decisive action, we were warned that credit markets would freeze up, preventing families from getting car and home loans, students from qualifying for college loans and small businesses from being able to pay their employees at the beginning of the month. This was a risk I simply could not take." — Rep. Frank Pallone, D-Long Branch

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