Showing posts with label Wall Street bailout. Show all posts
Showing posts with label Wall Street bailout. Show all posts

Wednesday, January 21, 2009

TARP Trends

With its first notable post-Inauguration vote, the new Congress is indicating that, even if all those platitutudes heralding a new post-partisan and/or post-racial Era of Good Feelings should indeed dawn on us, ushered in by the new Administration, sectional rifts will still sometimes rend both parties.

A quick look at the break down of Members who crossed the aisle over today’s House vote amending the TARP econ bailout plan points to a more identifiable regional trend animating the votes of GOP rebels than the Dems who opposed their leadership. Although The Hill describes the vote as “largely symbolic” and the title of the WaPo article notes the bill includes “Strict New Requirements on Use of Bailout Funds,” this vote can be considered one of the Obama Administration’s first tests in Congress

Given that the House Democrats’ swelled ranks have brought in a caucus that is more diverse in age, ideology, region and in intesity of the loyalty each feels to various elements of the victorious Democratic majority of 2008 (to name a few), more splits seem likely on roll call votes, esp. should Obama’s honeymoon with Congressional Democrats prove to be abbreviated.

But on this early vote, the atrophied Republican rump in the House looks like it feels more confident in opposing their leadership now that Tom DeLay’s old mantra of keeping a Republican majority at any cost is a moot point.

Of the 18 Republicans voting “aye,” 11 hail from Rust Belt states hit hard by the economic downturn and who might expect constituents to benefit from bailout funds. (This group includes seven from Michigan alone, include the traditionally conservative Rep. Peter Hoekstra, from the state’s Dutch-settled southwest. Hoekstra was joined in this group by social conservative fire breather and Speaker Gingrich failed coup plotter Rep. Mark Souder, from a hard-pressed Fort Wayne-based northwestern Indiana district.):

Camp (MI)
Ehlers (MI)
Hoekstra (MI)
LaTourette (OH)
McCotter (MI)
Miller (MI)
Rogers (MI)
Schock (IL)
Souder (IN)
Turner (OH)
Upton (MI)

Reps. Lance of New Jersey and Castle of Delaware might be lumped in here too, hailing from industrial states.

Among other GOP rebels:

Rep. Dave Reichert, also, represents Washington state, home of heavy Boeing layoffs.

Rep. John Campbell, who’s made a name for himself as a spending hawk, hails from a far Southern California CD home to possibly ailing aerospace firms.

The last three rebels hail from Florida, including the brother duo of Reps. Lincoln and Mario Diaz-Balart. Interestingly, Rep. Ileana Ros-Lehtinen, their Cuban-American Republican cohort who usually votes with them, stayed loyal on this vote, though Rep. Vern Buchanan of a demographically shifting Sarasota-based CD joined them.

Democratic apostates include a few Southern Democrats from Old South CDs who frequently defy their leadership: Reps. Shuler and McIntyre of North Carolina, Rep. Marshall of Georgia, Rep. Gene Taylor of Mississippi and freshman Rep. Bobby Bright of Montgomery, Alabama, whom is voting more with the GOP already despite their failure to recruit him as a candidate this cycle.

Other potential trends at work here:

Western freshman from districts that have boomed in recent years: Reps. Walt Minnick of Idaho and Ann Kirkpatrick of rural Arizona.

The other two rebels hail from Hillary-heavy voting and hurting Pennsylvania CDs – Reps. Jason Altmire and Tim Holden – who may think the package isn’t generous enough.

Tuesday, September 30, 2008

Wall Street Rescue--The Mother of All House Votes


Monday's House vote on the financial bailout plan was the mother of all case studies in congressional politics. I'm tempted to simply hand the roll call to the students in my Congress class as the final exam and have them explain it to me. In looking at the yeas and nays, a couple of patterns seem to emerge, many of which have been highlighted by media observers. The first, as noted by Chuck Todd, is that--as we would probably expect from House members--the fear of electoral repurcussions affected the vote of many. Those who have recently had close races, or have close races coming up in November, were likely to vote no. On the Democratic side, the examples of Nick Lampson (TX), Steve Kagen (WI), Nancy Boyda (KS), Don Cazayoux (LA), Travis Childers (MS), and Carol Shea-Porter (NH) jump out. For Republicans, Dave Reichert (WA), Robin Hayes (NC), Steve Chabot (OH), Ric Keller (FL), and Randy Kuhl (NY) are of note.

In a similar vein open seats were a good cue, especially on the Republican side. Free of electoral pressure, departing members were more likely to vote yes. Of the 29 Republicans not on the ballot this fall, 21 voted yes (with one not voting). Four of the six departing Democrats voted yes. For those leaving the House to seek another office, short term considerations seemed to compel a no vote, adding 4 to the total number of no's (2 Republican and 2 Democratic). The two nominees for New Mexico's open Senate seat, Reps. Steve Pearce (R) and Tom Udall (D) voted no; Colorado Senate candidate Rep. Mark Udall (D) voted no; as did Missouri gubernatorial candidate Rep. Kenny Hulshof (R).

Another dimension of the voting that some have discussed is the role played by the Congressional Black Caucus and Congressional Hispanic Caucus. By the numbers, of the 39 members of the CBC, 18 voted yes and 21 voted no. A story in today's Politico points to concerns among many African American members about the bill's failure to include enough foreclosure protection and how its addition might be enough to salvage the bill in the coming days. The Hispanic membership was more lined up against the bill than the CBC. Of the 21 Democratic members of the Congressional Hispanic Caucus, 14 voted no. In addition, the 3 Republican Hispanic members (not part of the CHC) voted no (Ileana Ros-Lehtinen, Lincoln Diaz-Balart, Mario Diaz-Balart).

*Image courtesy of the New York Times