Two Members Announce Bailout Switch

Posted October 2, 2008 at 1:22pm

Reps. Emanuel Cleaver (D-Mo.) and Zach Wamp (R-Tenn.) say they will now vote for the reworked version of the bailout bill.

On Fox News on Thursday afternoon, Wamp said his decision to switch was a tough one.

“I do not want next week to be the worst economic week in this country since Sept. 11,” he said. “Black Monday would be Oct. 6 if we do not take action. The time has come.”

As to why he changed his vote, Wamp cited calls from constituents, who he said were worried about the serious economic consequences of the package failing a second time. The bill, he said, is “more of a loan than a bailout.”

The bailout lost Monday in the House by 12 votes, and leaders are looking for switchers before Friday’s vote. Cleaver and Wamp are the first two to declare they would now support it.

Rep. John Shadegg (R-Ariz.) said he was thinking of supporting it. And today on CNBC, Rep. Carolyn Cheeks Kilpatrick (D-Mich), who voted against the proposal, said she was now undecided.

“I’m not sold yet,” she said.

Rep. Pete Hoekstra (R-Mich) said he was reconsidering his no vote because he said the new version is more to his liking.

“The bill is moving in the right direction,” he said.