U.S. House passes massive financial rescue bill

Congress has passed complex and highly criticized legislation authorizing $700 billion in government money to shore up the nation's stressed financial industry.

The final vote, 263-171 in the House, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.

In the Louisiana delegation, Reps. Rodney Alexander, Charles Boustany, Jim McCrery and Charlie Melancon voted in favor of the bill, while Reps. Don Cazayoux, William Jefferson and Steve Scalise voted against the bill. Alexander, R-Quitman, and Boustany, R-Lafayette, switched their votes from Monday.

Vitter, Landrieu vote against bailout

The Senate upped the pressure on the House to pass a $700 billion rescue for Wall Street on Wednesday by overwhelmingly approving a plan designed to avert a potential economic disaster.

Both Louisiana's senators voted against the $700 billion Wall Street bailout bill Wednesday, as it cleared the Senate 74-25.

The Senate's main change to the plan the House rejected is an increase in the amount of bank deposits that would be insured by the government, from $100,000 to
$250,000.

The rescue package also added a number of tax breaks for natural disaster victims and renewable energy incentives. It also would extended tax breaks for businesses and provide alternative minimum tax relief to keep that tax from hitting an estimated 22 million taxpayers.

The bill also offers a series of tax breaks for victims of Hurricane Ike, including a low-income housing credit for Calcasieu and Cameron parishes.

Louisiana lawmakers help kill bailout plan

Most House members from Louisiana voted Monday against a massive $700 billion bailout of Wall Street.

The House vote Monday to reject a $700 billion financial rescue drew a swift and pointed reaction from Wall Street: the largest one-day point loss ever in the Dow Jones industrial average.

Only two of the Louisiana delegation's seven members - Reps. Jim McCrery, R-Shreveport and Charlie Melancon, D-Napoleonville - voted for the plan, which failed
205-228.

"I just don't think the Treasury Department should be in the real estate business," said Rep. Rodney Alexander, R-Quitman, who voted no.

He questions who would manage the acquired assets and how cash-strapped banks would meet the bailout's requirement that they purchase insurance to cover future losses.

Rep. Charles Boustany, R-Lafayette, William Jefferson, D-New Orleans, Steve Scalise, R-Jefferson, and Don Cazayoux, D-New Roads, also voted against the bill.

The bailout has angered many Americans, who flooded lawmakers with calls, e-mails and letters in opposition. As of Friday afternoon, the office of Sen. Mary Landrieu,
D-New Orleans, had received 1,200 calls. Most were critical of the plan, said Landrieu's press secretary, Stephanie Allen.

The Senate won't consider the bill unless the House approves it in another vote. Landrieu is undecided, but Sen. David Vitter, R-Metairie, said Monday he plans to vote against it.

House rejects $700 Billion bailout

The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.

The vote was 228-205 against the measure, with one member not voting. There was broad bipartisan opposition to the measure, with more than 90 Democrats and more than 130 Republicans voting against the bill. Republicans voted more than 2-1 to oppose the bill.

The vote came even though the measure was backed by Bush and House leaders in both parties. But opponents said the package granted the U.S. government too much power and was beyond the cost the government should pay to address the worldwide financial crisis.