Make the call: 202-224-3121.
Hope, however slim, lives:
Here are some other indicators that this thing isn't flying yet:Confident but not yet celebrating, congressional leaders agreed Thursday on a multibillion-dollar bailout plan for Wall Street aimed at staving off a national economic catastrophe. President Bush brought the two men fighting to succeed him to a historic White House huddle on how to sell a deal to lawmakers who were still resisting.
Private talks on Capitol Hill ended at midday with the announcement that an agreement in principle had been reached on a $700 billion financial rescue package that the Bush administration wants. Few details were immediately available.
There were signs that the conservative-leaning House Republican Caucus was not on board. Both of Congress' Republican leaders, Rep. John Boehner and Sen. Mitch McConnell, issued statements saying there was not yet an agreement.
Not Done Yet [Kathryn Jean Lopez]
More Boehner:
WASHINGTON D.C. — House Republican Leader John Boehner (R-OH) issued the following statement today on ongoing bipartisan discussions on Capitol Hill regarding an economic rescue package:
"I am encouraged by the bipartisan progress being made toward an economic package that protects the interests of families, seniors, small businesses, and all taxpayers. However, House Republicans have not agreed to any plan at this point. We owe it to all those with a stake in this process to continue our discussions until we arrive at an agreement that is acceptable on both sides of the aisle - and more importantly, one that serves the interests of American taxpayers. With that in mind, I look forward to joining my colleagues, President Bush, Sen. McCain, and Sen. Obama at the White House later today to take the next critical steps on a rescue package."
McCain on the Hill [Kathryn Jean Lopez]
In Boehner's office, earlier:
McCain came into the room and was greeted with a standing ovation, lawmakers said. He talked about his desire to be as helpful as he could in passing this legislation."
Situation in House [Rich Lowry]
A friend following it closely says Pelosi wants 110 Republican votes as cover. But the House GOP isn't close to having that kind of support. It's more like 50. If Republicans aren't going along with it, Pelosi will be even more swayed by her most liberal members pulling the package to the left. And the whole thing might end up on the "continuing resolution." What a mess. Meanwhile, apparently Senate Republicans are relatively passive. The whole game is the House Republicans.
Republicans in the lower chamber are balking at the bailout package, saying that Democrats will be solely responsible for the ramifications of what they see as a flawed compromise. Reps. Eric Cantor (R-Va.) and Paul Ryan (R-Wis.) are leading an effort by House Republicans to circulate the set of principles to their colleagues and like-minded Democrats, according to a senior Republican.
Asked whether the effort comes too late, the GOP official said the votes would be leverage enough to have the principles considered by congressional negotiators. House Speaker Nancy Pelosi (D-Calif.) has indicated that a bill will not be brought to the floor without broad Republican support. GOP presidential candidate Sen. John McCain (Ariz.) and the White House have been made aware of their alternative.
The Republican proposal backs the removal of regulatory and tax barriers to help facilitate the use of private capital to produce liquidity; temporary tax relief provision to help companies free up capital; and temporary suspension of dividend payments by financial institutions.
The proposals call for Wall Street executives to "not benefit excessively"; for the creation of a "blue ribbon panel" of officials from the Securities and Exchange Commission (SEC); and for the Federal Reserve to make recommendations for reform of the financial sector by Jan. 1, 2009.
Additionally, they direct the SEC to report to Congress on the ability of credit rating agencies to assess the risks of the failed investment securities and to audit the books of the failed financial institutions so that their standing is accurately portrayed.
Fun, fun, fun...!.
If you haven't already, please make the call! The point is not to prevent ANY action on this mess, but to prevent the WRONG action - socializing the banking industry by taking it under the power of the federal government. What we need our leaders to do is enact conservative solutions in the form of lower/eliminated taxes (even temporarily), more accountability and transparency, etc. That's the message that needs to be delivered to Congress.
There's my two cents.
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