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UPDATE THIS AFTERNOON! Here is the record vote on the defeated Paulson bailout plan, H.R. 3997 - “The Emergency Economic Stabilization Act of 2008.”  In Maryland, Republican Representative Roscoe Bartlett voted against the proposal, and Republican  Representative Wayne Gilchrest voted for it.  In Virginia, Republican Representatives Eric Cantor, Tom Davis, and Frank Wolf voted for the measure, and Republican Representatives Thelma Drake, Virgil Goode Jr., Robert Wittman, J. Randy Forbes, and Bob Goodlatte voted against it. Here is the National Taxpayers Union’s most recent rating of these Republican members to provide perspective on their larger fiscal voting patterns.

UPDATE THIS MORNING!  The Republican Study Committee reports that “As Chairman Hensarling indicated last night, the RSC will be introducing TODAY the economic rescue alternative drafted by the GOP working group that included RSC members Eric Cantor, Spencer Bachus, Paul Ryan, Jeb Hensarling, and John Campbell.  The legislation will also include the provisions the RSC unveiled earlier in the week (capital gains relief, GSE privatization, suspending mark-to-market regulations, etc.)” Click here for details about the alternative bill.

Yesterday we posted here the section-by-section analysis of the bailout bill and the comparison chart of improvements here the House Republican leadership had achieved. (We also posted Representative Mike Pence’s statement of opposition here to the final bailout package.)

Michelle Malkin, however, looks at the bailout bill with a less favorable eye than that of the House Republican leadership.  She writes:

“I listened in on a phone conference this evening with anti-bailout conservatives, congressional staffers, and other Hill insiders. With only one exception, the groups and individuals on the call all opposed the bailout in its current form. They also concurred that this deal is worse than the one Paulson proposed — on constitutional, policy, and fiscal grounds. Phone calls to congressional offices continue to show overwhelming public opposition to the massive, unprecedented government giveaway.”

Read the entire Malkin post here.

Last night, former FDIC Chairman William Isaac presented his alternative to the House Republican Study Committee at their request.

Isaac, who led the FDIC through the Savings & Loan crisis in the 1980s, declares his “proposals will stabilize the banking industry and make economic downturns less severe and shorter in length.  The estimated cost is de minimis and they can make an impact almost immediately.”

Click here to read the Isaac alternative.

The House of Representatives will vote on H.R. 3997, The Emergency Economic Stabilization Act of 2008, at noon today.  Conservatives still have time to make their views known to their representatives: 202.224.3121 or by email.

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