Ensign/McConnell mortgage entitlement fails, 35-62; Update: Roll call vote added

Scroll for update…roll call vote added…

The good news: The Ensign/McConnell $fill-in-the-blank-billion/trillion mortgage entitlement just failed.

The roll call vote was 35-62. Among the sane Republicans who voted NO: DeMint, Snowe, and Voinovich.
Plus: Sens. Bunning and Snowe.

All the rest foolishly cast their vote in favor of a massive Big Government “cure.”

The incurable urge of the Senate GOP leadership to be “for something” — no matter how fiscally irresponsible and ineffective — will come back to bite them in the backside.

It gave Chuck Schumer the golden opportunity on the Senate floor this afternoon to sanctimoniously deride the expansive plan as a spending boondoggle — echoing taxpayer groups who rightly called out this dumb idea from the start.

Schumer noted that the Obama Treasury Department is considering a similar plan. Now, what will the Republicans who supported the idea of low-interest, government-guaranteed mortgages to artificially prop up the housing market do when asked to show their bipartisanship and go along with whatever Obama/Geithner hatch? Suddenly awake to the bad consequences and oppose it on fiscal conservative grounds?

Blundermania.

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Update: Here’s the roll call vote

Posted in: fiscal stimulus

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