The $700 billion rescue plan the House defeated Monday would have passed if just 12 more members of the House had voted the other way. Here’s a list of a dozen members who voted against the bill — and what it might take to turn their nays into yeas.
According to one senior GOP aide, Frelinghuysen was a yes but reversed his vote at the last minute. Afterward, Frelinghuysen called for more hearings and debate on the bill, saying, “We have not adequately consulted, deliberated and explained this to the American public and our constituents.”
Rep. Jim Ramstad (R-Minn.)
A retiring moderate Republican, Ramstad could have voted for the bill without worrying about a voter backlash in November. But he complained that the rushed debate had left “the final cost to taxpayers ... uncertain” and said he would prefer an insurance plan to a bailout.
Rep. John B. Shadegg (R-Ariz.)
Although John McCain’s campaign said he was working to rally House GOP support, not a single Republican from McCain’s home state voted for the bill. Shadegg wants changes in mark-to-market accounting rules and an increase in Federal Deposit Insurance Corp. limits.
A close friend of House Minority Leader John A. Boehner, LaTourette was thought to be a yes vote but said Pelosi’s speech helped push him toward no. Later, LaTourette said in a statement he wants to double the amount of FDIC insurance and allow U.S. companies operating overseas to bring assets back to the United States.
Rep. Doc Hastings(R-Wash.)
A moderate Republican, Hastings told the Yakima Herald that he was undecided until Sunday night. In the end, he said he voted no because there were still “too many concepts” and not enough details about taxpayer exposure.
Like many other Republicans on the Financial Services Committee, Biggert voted against the bill. But Biggert has said Congress needs to act, and she has expressed support for some sort of government-backed insurance plan that would allow business, rather than taxpayers, to assume more risk.
Rep. Xavier Becerra (D-Calif.)
A close ally of House Speaker Nancy Pelosi and a member of the Democratic leadership, Becerra ultimately voted no because he “wanted to see direct protections for responsible homeowners” in the bill.
Rep. David Scott (D-Ga.)
A member of the Congressional Black Caucus, Scott said after the vote that he could back the plan if 1 percent of the $700 billion were set aside in a program to prevent foreclosures.
Rep. Hilda L. Solis (D-Calif.)
With foreclosures in her district nearly tripling in the past few months, Solis said she opposed the bailout because it “lacks needed reform of bankruptcy laws” that may help keep people in their homes.
Rep. Shelley Berkley (D-Nev.)
While Berkley voted no, aides said she would be inclined to support the bill if it placed “tougher restrictions on CEO pay.” Aides also said she is looking for more specific language on the regulation of Wall Street.
Another close Pelosi ally, Delahunt said he voted no because the bill would have done too much to help the firms that caused the problem. Delahunt wants to lessen the burden on taxpayers and has proposed assessing a transaction fee on lenders who turn over bad mortgage securities to the government.
Rep. Stephanie Herseth Sandlin (D-S.D.)
While a majority of her fellow Blue Dogs voted for the bill, Herseth Sandlin ultimately opposed it because she thought it would give Treasury Secretary Henry Paulson a “vast amount of power” without “effective oversight.”