by RAY FLEMING
THE facts are these: on Monday in the US House of Representatives, two-thirds of Republican members voted against President Bush's financial crisis bailout proposals while almost two-thirds of the Democrats voted in favour. In other words a majority of the President's own party in Congress defeated the Bill while a majority of the opposition supported it. Given what Mr Bush has said about the severity of the economic consequences for the nation as a whole if the bailout is not approved it is very difficult indeed to understand the motives of the 133 Republicans who said No. Three linked reasons have been given: that the proposals go against basic Republican free-market principles; that constituents have lobbied hard for rejection; that many of those voting No are standing for re-election in November.
HIGH STAKES
02/10/2013 00:00
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