Bailout plan clears Senate, heads to House

Wednesday, October 1st 2008, 10:32 pm
By: News 9

By Dave Jordan, NEWS 9

OKLAHOMA CITY -- Oklahoma Sen. Tom Coburn voted in favor Wednesday of the rescue plan, but Sen. Jim Inhofe voted no. Nevertheless, the bailout bill moved to the House, where Representatives will consider it Friday.

Fallin said "no" earlier this week to the house version of a similar bailout bill after she received several calls from her constituents, but a call from a potential U.S. president may convince Fallin to change her vote.

"This is John McCain," McCain said on a voicemail. "I'm sorry to bother you, as you know they've made some changes in the package."

Fallin said she didn't expect McCain to leave a personal message on her voicemail. It was a plea from the Republican presidential candidate supporting the Senate bailout bill.

"I just hope that you give it your serious consideration," McCain said.

Fallin said she wasn't completely convinced on the House version of the bill.

"When we voted no the other day, said that we wanted it to be the right vote, the right solution" Fallin said. "We did not support a taxpayer bailout, we wanted it to be a Wall Street workout."

The bill failed, but a new senate version emerged which appeared to have the support of Fallin.

"It sounds like there have been some good things added," Fallin said.

Among the additions include, increasing the FDIC insurance limit of bank accounts from $100,000 to $250,000, tax credits and tax extenders covering everything from renewable energy, child tax credit and rural schools.

"Tom does support this package because he thinks it's good for America," Fallin said.

Coburn voted yes, but not without blistering words about fiscal accountability.

"This body continues to spend more, authorize more and create bigger and more intrusive government," Coburn said.

Fallin will be in Washington Thursday for a final review of the senate bill.

"I still want to make sure that there's assurance that the taxpayers are going to be protected," Fallin said.

The house was expected to reconvene Thursday to come up with a new version of its failed bill, but it's unlikely that will happen since the senate beat them to it.

Wall Street reacted cautiously Wednesday night. Stock index futures were down.

Dow Jones futures fell 48 points.