Coble to change vote on bailout bill
Earlier this week, Rep. Howard Coble, a Greensboro Republican, voted "no" on the financial industry bailout bill.
When the House votes later today, Coble says he will vote yes:
Rep. Howard Coble, a Greensboro Republican, said he will switch his vote on the financial industry bailout bill after voting against it earlier this week."I'm voting aye when the vote is called later," Coble said on the House floor shortly after 11 a.m. today.
Coble said that he initially voted against the bill because he thought the vote was called in haste.
"By having waited, I think we did improve the bill," Coble said.
In particular, Coble praised a new provision that raised federal insurance on deposits from $100,000 to $250,000.
A vote on the legislation is expected later today.
Click here for bootleg audio from C-Span. From keeping one-ear on things, it sounds like backers of the bill are rounding up enough support to get it passed.
Update: Dome says Rep. Sue Myrick will change her vote to yes as well.
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Interesting, particularly for conservative congressmen. The Wall Street Journal editorializes today: "The most expensive long-term addition may turn out to be the increase in deposit insurance to $250,000 per account, from the current $100,000. Strangely enough, this is being pitched as a "conservative" idea to attract the votes of Republicans who oppose a "bailout." John McCain and Barack Obama also both like it. But if the past is any guide, it could end up costing taxpayers far more than Hank Paulson's plan will."
Posted on October 3, 2008 1:16 PM