Don't let up on them yet! The more pork, the more likely they are to pass it.
House Republicans Reconsider `No' Votes on Bailout (Update2)
By Ryan Donmoyer and Lorraine Woellert
Oct. 2 (Bloomberg) -- Some House Republicans, who were instrumental in defeating a financial-market rescue package earlier this week, are reconsidering their votes amid signs the crisis on Wall Street is spreading throughout the country.
One lawmaker, Tennessee Republican Zach Wamp, said, ``I'm going to vote yes,'' in an interview on Bloomberg Television. At least four other Republican lawmakers, John Shadegg of Arizona, Jim Gerlach and Tim Murphy of Pennsylvania and Patrick Tiberi of Ohio, may switch their ballots as the House prepares to vote on the measure again, probably tomorrow afternoon. The Senate last night approved the $700 billion bill, 74-25.
The legislation authorizes the government to buy troubled assets from financial institutions rocked by record home foreclosures. It contains provisions favored by House Republicans, including $149 billion in tax breaks, a higher limit on federal bank-deposit insurance and a change in securities laws. It also reiterates the authority of securities regulators to suspend asset-valuing rules that corporate executives blame for fueling the crisis.
Those sweeteners have helped sway Gerlach, as did phone calls from his suburban Philadelphia constituents. Many shifted from opposing the bailout to supporting it following the record 778-point drop in the Dow Jones Industrial Average after the House's 228-205 defeat of the legislation Sept. 29. http://www.bloomberg.com/apps/news?pid=20601070&sid=ahtWcuO6dm7I&refer=home