House Democrats sold out their party principles yesterday, narrowly passing the $1.1 trillion spending bill that includes repeals of provisions in Dodd-Frank financial reform law that was enacted to prevent another financial meltdown, the Huffington Post reported.
Minority Leader Nancy Pelosi (D-CA) and most of her Democratic colleagues were staunchly opposed to the Wall Street handouts included in the bill and a provision that would drastically increase the cap on campaign contributions to party committees.
In a speech on the House floor, Pelosi called the bill, which was passed in a 219-206 vote, “ransom,” and “blackmail.”
“We don’t get a bill unless Wall Street gets its taxpayer-funded coverage,” said Pelosi.
The Obama administration, however, supported the bill, and urged representatives on both sides of the aisle to vote in favor of it, as its passage would keep the government running until September.
White House spokesman Josh Earnest told MSNBC that, despite the problems with the bill, it showed that the GOP was willing to compromise as it had “initially wanted to gut the Affordable Care Act and Obama’s executive actions on immigration.”
“This is the kind of compromise that the president’s been seeking from Republicans for years now,” Earnest said.
Democrats, however, saw the bill more as a ploy by the GOP to appease their Wall Street overlords.
“This is exquisitely reckless — a special provision for Wall Street in exchange for money from Wall Street,” Rep. Peter Welch (D-VT) told HuffPo.
“Once again, here in the holiday season, it’s all about stuffing the silk stocking,” said Rep. Lloyd Doggett (D-TX).
The White House was extremely concerned that the bill wouldn’t pass, especially after an impassioned speech from Sen. Elizabeth Warren (D-MA) yesterday, urging her colleagues in the House to oppose the bill. Obama even sent his chief of staff Denis McDonough to a closed-door meeting, which “blindsided” members of the Democratic caucus.
“Mr. McDonough did make the case that he believes that the economy needs the certainty and consistency of a one-year budget versus a three-year CR,” Rep. Steve Israel (D-NY) said.
The logic behind that statement is ridiculous. Allowing Wall Street to run wild is what caused the economic meltdown in 2008, and this bill gives it the chance to do it again. The only thing that is certain is that Wall Street will use this victory to increase its stronghold on the government, and keep destroying the middle class for its own personal gain.