Word: capitols
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...Senate passed the Smoot-Hawley Tariff Act, which raised duties on some 20,000 imported goods. Historians define this as one of the critical steps that led to the Great Depression - a tipping point when the world realized that partisan self-interest had trumped global leadership on Capitol Hill...
...credit markets seizing up, Washington went to the well once more, as a lame-duck President joined Democratic and Republican congressional leaders to ask Americans to trust them with a $700 billion Wall Street rescue package. But the well of trust had long run dry. Outraged calls overwhelmed Capitol Hill switchboards, and on Sept. 29 the bailout failed in the House, panicking the markets anew. Washington is still likely to find a fix for the credit crisis, but after a series of corruption scandals and a longer series of gaps between deeds and words, its own credibility crisis might take...
...What this showed more than anything else was that not even members of Congress can ignore a switchboard system of Capitol Hill that is so totally jammed," said Peter Sepp, a conservative opponent of the bill with the National Taxpayers Alliance...
...More than any individual member on Capitol Hill, no one has more to lose in this debacle than John McCain. By claiming to suspend his campaign and pledging to help bring House Republicans on board, McCain put much of his political capital on the line - to the point that his staff were already claiming credit for the legislative coup Monday morning on the assumption that it would pass. "This is very bad for McCain," said Clyde Wilcox, a government professor at Georgetown University. "So he interrupts his campaign to fly to Washington to deliver a deal, and then cannot deliver...
...what happens now? On Capitol Hill, House leaders said they'll try again soon. Treasury Secretary Henry Paulson practically begged for a revised deal in his brief appearance after the market carnage. "Our tool kit is substantial but insufficient," he said. The market's traumatized reaction today may change some minds and some votes...