By NEIL H. SIMON, Media General News Service
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WASHINGTON - Six of the 11 House members from Virginia stood their ground Friday and again voted against the $700 billion bailout plan.
The measure passed 263 to 171 with the help of 56 House members who reversed course and supported a revised version of the massive Wall Street rescue bill they had opposed Monday.
Rep. Eric I. Cantor, R-7th, who played a starring role in pushing for the package, appeared relieved to have success after the surprise defeat of the measure Monday.
"I'm glad it's over," he said.
Cantor succeeded in adding a provision to the bill allowing Wall Street firms to buy government insurance for their less risky assets, rather than sell the assets outright to the government, as Treasury Secretary Henry M. Paulson Jr. had recommended.
The insurance plan was the result of a working group Cantor led at the behest of Republican leader John Boehner of Ohio. The group's mission was to find an alternative to the administration's proposal and give Republicans something they could vote for.
"Hopefully, that played a part in delivering today's vote," Cantor said.
The insurance plan was in the bill Monday when it fell 12 votes short of House passage.
After the Monday vote, Cantor observed the Jewish New Year, Rosh Hashanah, and did not participate in the negotiations with members Tuesday and most of Wednesday.
He said he resumed calls to members at sundown Wednesday "until it was too late."
"And then I called members on the West Coast," he said.
Rep. Rob Wittman, R-1st, got a call from President Bush - but that didn't change his mind. He voted "no."
"He wanted me to consider both sides of the bill. He said he thought it was needed," said Wittman. "I would have preferred something with more direct participation with the firms holding these (mortgage-backed assets)."
Rep. Randy Forbes, R-4th, said he heard from corporate CEOs who seemed to be supporting the measure only because nothing else was on the table. For him, that wasn't a good enough reason to vote "yes."
"Nothing changed on the bill significantly from Monday to today to change the core part of the bill, which is we are spending $700 billion to buy assets that we have no idea what they are worth," said Forbes, who called the bill "an enormous gamble."
The Senate passed Wednesday night a revised version of the bill including a provision increasing insurance coverage for deposits to $250,000 and adding on $110 million in tax breaks.
Rep. Virgil Goode, R-5th, who voted "no," said he considered the new version of the bill and liked the fact it increased the insurance on deposits and prevented more than 20 million people from being hit with the alternative minimum tax. But it was still asking too much of the taxpayers, he said.
Rep. Robert C. Scott, R-3rd, was the only Virginia Democrat who voted against the bill.
"There are effective solutions for this crisis, but the $700 billion purchase of possibly worthless assets is unlikely to address any of the root causes of the problem," Scott said in a statement.
(Contact Neil H. Simon at nsimon@mediageneral.com or (202) 662-7669.)