Word: plan
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Obama, Barack •calls McCain to suggest issuing joint statement on bailout plan, only to have McCain rush in front of cameras minutes later and announce unilateral position •says thanks but no thanks to McCain's call to delay first debate and points out that "It is going to be part of the President's job to deal with more than one thing at once...
...players at this point are House Republicans - a group that normally is all but irrelevant on Capitol Hill. Speaker Nancy Pelosi - mindful of the electoral disaster that befell her party after it passed Bill Clinton's controversial budget plan in 1993 without any GOP votes - has said she will not bring any markets stabilization package to the floor without a majority of House Republicans on board. With constituent telephone calls to congressional offices running 100 to 1 against the proposed $700 billion Bush Administration bailout plan, the last thing Pelosi wants to do is force her own members to walk...
...while the Bush Administration bailout plan does require an unprecedented outlay of taxpayer funds, White House officials say the cost of a crippled economy would be an even greater burden on average Americans. Treasury Secretary Henry Paulson believes that while the House Republican proposal would help moderate the current crisis, it wouldn't be enough to do the job. Nor is it the most effective way, Treasury officials argue. Leaving those toxic mortgage-backed assets on financial institution balance sheets, they say, would not provide the additional liquidity that banks desperately need right now to get the nation's paralyzed...
...resumed, House Minority Leader John Boehner sent Pelosi a letter making it clear that his members will not back down from their insistence that the proposal undergo a major redesign. "If such consideration is not given, a large majority of Republicans cannot - and will not - support Sec. Paulson's plan," Boehner wrote. "In the interest of the men and women we represent in Congress, I hope it does not come to that conclusion...
...possibility that is likely to be discussed is a hybrid plan, in which Treasury would either have the authority, or possibly be required, to both buy some troubled assets and to insure them. One aide involved in the negotiations said that some estimates suggest such a plan would be only half as expensive as Paulson's initial proposal. Most importantly, it would allow wary members of Congress to say they didn't give the Administration such a huge share of taxpayer money, even if Treasury ultimately decides to use most...