Its not just lawmakers who have to find new game plans for getting the $700 billion financial market rescue package passed after the House rejected it. Business lobbyists who have been pushing the package must also regroup now.
K Street’s initial response: restrained disappointment.
“We knew this was going to be a tough vote. I was hopeful that it would pass; members who voted against it misread the economy,” said Scott Talbott, senior vice president at the Financial Services Roundtable, noting the Dow’s plunge.
We applaud those members that took a tough vote for it,” he said.
The U.S. Chamber of Commerce took a harsher line.
"Today’s failure to approve legislation addressing the financial crisis has resulted in uncertainty and turmoil that have dramatically affected the markets, and lowered equity prices, eroding individual savings and destroying billions of dollars of household wealth," top lobbyist Bruce Josten wrote in a letter to all members this afternoon.
"Make no mistake: when the aftermath of Congressional inaction becomes clear, Americans will not tolerate those who stood by and let the calamity happen," he continued, warning lawmakers that the Chamber, the largest business federation, plans to score members' votes related to the financial rescue and report the results to their members.
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