Yesterday the House voted to help save the economy. Today it went to the Senate where there was a question whether enough Republican votes were available to pass it.. This morning, the Senate Republican leader, Mitch McConnell of Kentucky, spoke out forcefully against the bill, effectively dooming its chances despite the urgings of the White House.

Reading Bloomberg’s synopsis I was impressed by one fact…

The administration saw the dire need to pass the bailout package, stating that “the economy is in such a weakened state right now that adding another possible loss of one million jobs is just something our economy cannot sustain at the moment”. Simultaneously, “that one” who was overwhelmingly elected because he opposed everything the current administration has done, said earlier….”we cannot simply stand by and watch this industry collapse. Doing so would lead to a devastating ripple effect throughout our economy.”

Yesterday the House voted 237-170 to approve the bailout package. That means 58.2% voted in favor. Today most precounts anticipate the Senate will vote 59 to 40 in favor of the bailout. Unfortunately under the act of cloture, the number 60 must be reached for anything to pass inside the Senate. (Old rules used to be 51.)

What we have here, is a minority holding up the will of a majority.

The very reason we went to war with Great Britain.

If the bailout fails to pass, Bloomberg predicts job losses would total 2.5 million to 3.5 million from an automaker failure in 2009, including 1.4 million people in industries not directly tied to manufacturing, according to a Nov. 4 report from the Center for Automotive Research, which does studies for government agencies and companies.

This would be the same as if the entire population of Nevada ( on the low end) or every person in Connecticut ( on the high end) lost their job on the same day.

Our economy simply cannot recover from such a hit. Chapter 11 is being touted by some Republicans as a viable alternative.. The only problem is that under chapter 11, invoices are renegotiated, not paid. Receiving no money for work already performed, means up to 3.5 million people immediately stop receiving income. Unemployment will have no choice but to pick up the pieces. (The cost of carrying 3.5 million people has been estimated as high as 25 billion, far more than the loan being given..)

After all we are to receive a payback on the guaranteed loan. However that massive expense going to out to unemployment, is gone forever.

And here is what Congressional staffers are saying is being touted within the Republican Senate caucuses. Apparently all Republicans realize Obama is on the right track. They understand that as his recovery works, their prospects of election are quite dim in two years. They realize that only if America is in the throws of a Great Depression, and they can throw blame upon Obama for the worsening conditions occurring on his watch, will they have any foothold upon which to stand… They are intent on destroying our economy to enable their potential future gain. Hence the opposition to this measly expenditure, which is being made by them.

As the bridge loan fails, despite the 60% overwhelming majority of those supporting it, it fails solely because insider Republicans want an campaign issue around which they can rally..

Forget that people get hurt because of their action. Forget that a number of people equaling the entire population of Connecticut will soon be out of work… Principals to them are more important.