Posted by: aardvarkcola on: September 30, 2008
Republican presidential candidate John McCain suspended his campaign to work on the bailout package before Congress, but didn’t even manage to convince a single Arizona member of Congress from his own state to vote for it.
Arizona is represented in the U.S. federal legislature by eight members of the House of Representatives and two members of the United States Senate.
All eight Arizona members of Congress- four Republicans and four Democrats- voted against the bailout package, entitled the Emergency Economic Stabilization Act. Passage of the bill would have allowed $700 billion in federal funds to help with an emergency credit crunch that has resulted in a number of major U.S. bank failures, and unprecedented nationalization of other key financial organizations.
Arizona senators John McCain and Jon Kyl, the Senate Minority Whip, voted for the package
A new revised package package will be before the House of Representatives Thursday, after being initiated in the Senate. The revised bill may cause controversy among Democrats, as reports are it includes debt-subsidized tax cuts.