UPDATE 2: The House of Representatives has passed the “bailout bill” 263-171. The vast majority of Democrats were for the bill (172 to 63) while a slight majority of Republicans were against the bill (91 for, 108 against).

UPDATE: On the evening of Wednesday, October 1, the Senate approved the revised version of the “bailout bill.” The next step is for it to pass in the House of Representatives, which should happen on Friday. Stay tuned for more info.

The way represenatives voted by state is an interesting way to look at the failure of the Bailout Bill. According to a chart found in the New York Times, states with the more no votes than yes include:

• Michigan
• Nebraska
• Texas
• Virginia
• Louisiana

• Kansas
• North Carolina

These are not states known for banking and finance. The car manufacturing industry in Michigan, aerospace in Kansas and the oil industry in Texas, aren’t directly affected by the bailout bill as the it only helps financial institutions. Why would anyone vote for a bill that doesn’t benefit directly the people in your area? In addition to not directly aiding other industries, the bill also does little to individuals, considering that it does not address the mortgage or job issue. The banks may be saved, but people’s homes are not.

Contrast the votes in these states with New York, where the overwhelming majority, regardless of party affiliation, voted for the bailout bill, including Republican representatives. Connecticut too, with its proximity to Manhattan and its reputation as a bedroom community for Manhattan’s finance industry had a majority vote, with four of five representatives voting for the bill. It is interesting to see New Jersey, although home to many people who commute to Manhattan, did not have a majority vote yes. On the other hand, it is also interesting to note that many representatives from cities that are not within commuting distance to Manhattan also voted yes.

Of course, the failure of the vote was probably due to a host of issues in addition to the niche focus of the bill. There are those who believe that Speaker Nancy Pelosi’s “partisan remarks” about President George W. Bush caused the bill to be defeated. There are also those who think that it is a waste of tax payers’ money. Finally, with the United States already in debt, some ask if there was really a point in agreeing with the bill at all. However, the economy does need some sort of help, and it needs help now. It’s just a matter of actually agreeing on how it should be done.

Image © Christina Balderas/iStockphoto