"The surprise failure of the bailout bill yielded a rare totally mixed roll call from the 19-member Illinois House delegation, with the results mirroring the larger problem in getting the emergency measure passed: Republicans were running from the package President Bush was begging them for," Lynn Sweet wrote.
Yes votes came from Democrats Melissa Bean, Danny Davis, Rahm Emanuel, Bill Foster, Phil Hare, Luis Gutierrez and Jan Schakowsky and Republicans Mark Kirk and Ray LaHood.
No votes were cast by Democrats Jesse Jackson Jr., Jerry Costello, Dan Lipinski and Bobby Rush and Republicans Judy Biggert, Peter Roskam, John Shimkus, Tim Johnson and Don Manzullo.
The seven-member Chicago delegation, Democrats all, voted 4-3 in favor of the bill.
Jackson stated that he voted against the bill because it didn't do enough for the economy:
This bill is simply a band aid not a cure for the financial crisis, and it does little for the hard-working Americans who will pay for it. It does not go far enough in addressing the systemic and terminal problems of our financial system. It further privatizes profits and socializes the losses. This crisis started because of the home mortgage market, yet this legislation merely suggests that the Treasury Secretary implement a plan to mitigate foreclosures and to encourage servicers of mortgages to modify loans. There is no explicit directive to actively restructure mortgages. Furthermore, the bill does not allow bankruptcy judges to restructure troubled mortgages.
Phil Hare defended the bill in this statement:
It was not a gift or a blank check. It provided the federal government the authority to loan money to certain financial institutions so they could resume lending to ordinary Americans. This would have allowed more families to afford their homes, cars and tuition payments and enabled our farmers to continue buying equipment, seed and fertilizer.
Roskam pinned the bill's failure on the "extraordinary risk" he believes it would have been for taxpayers.
We lost an entire day because Republicans walked away from the table, and Senator McCain placed a rescue plan for his campaign before a rescue plan for American taxpayers. These stall tactics brought about unrest that extended beyond the halls of Congress and deeply troubled the markets.
Melissa Bean, whose suburban district includes Treasury Secretary Henry Paulson's home, was among a group of Illinois lawmakers in tight races who voted for the bill, bucking the national trend among swing-district Representatives.