A bad day for the GOP on politics, bailout plan

Posted by Kendall Harmon

The meeting revealed that President Bush's $700 billion bid to combat the worst financial crisis in decades had been suddenly sidetracked by fellow Republicans in the House, who refused to embrace a plan that appeared close to acceptance by the Senate and most House Democrats.

Treasury Secretary Henry Paulson begged Democratic participants not to disclose how badly the meeting had gone, dropping to one knee in a teasing way to make his point according to witnesses.

And when Paulson hastily tried to revive talks in a nighttime meeting near the Senate chamber, the House's top Republican refused to send a negotiator.

"This is the president's own party," said Rep. Barney Frank, a top Democratic negotiator who attended both meetings. "I don't think a president has been repudiated so strongly by the congressional wing of his own party in a long time."

Read it all.

Filed under: * Economics, PoliticsEconomyThe September 2008 Proposed Henry Paulson 700 Billion Bailout PackagePolitics in General

Posted September 26, 2008 at 7:54 am [Printer Friendly] [Print w/ comments]

1. Katherine wrote:

Well, to join with Rep. Frank who is, after all, prominent among the architects and encouragers of this disaster, would shatter too many conservative principles.

September 26, 10:35 am | [comment link]
2. Sick & Tired of Nuance wrote:

This is in fact a shining moment for the Republicans.  They seem to be the only sane voices in this maelstrom.

September 26, 12:03 pm | [comment link]
3. austin wrote:

The Democrats have the majority in both houses.  They can pass whatever they like whenever they please, and have enough tame Republicans to override a filibuster.  What they don’t have is the courage of their convictions that this is the right thing to do.  Which means that the House Republicans are probably on to something.

September 27, 3:14 pm | [comment link]
4. Irenaeus wrote:

“The Democrats have the majority in both houses”—- Austin [#5]

For the first time in more than a decade. As voters are well aware.

September 29, 6:31 pm | [comment link]
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