House GOP: No Deal - We Have "Significant Leverage" (Updated)

[kpete]

House GOP: We have leverage on bailout
By Jackie Kucinich
Posted: 09/25/08 03:33 PM

House Republicans say they have significant leverage on the revamped bailout package, claiming that Democrats will scramble for votes unless they make changes to it.

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.

more at:
http://thehill.com/leading-the-news/house-gop-we-have-leverage-on-bailout-2008-09-25.html

.................

UPDATE:

Deal Falls Through?

by BooMan
Thu Sep 25th, 2008 at 05:36:12 PM EST

I think the Big Shitpile bailout deal has fallen through. Expect the worst day on Wall Street tomorrow that we've seen in a long while. Also, do not expect John McCain to show up in Mississippi. Today should have been a horrible day in the stock markets and would have been if not for irrational optimism about the prospects of a bailout. Tomorrow, I expect that optimism to turn to pessimism and then all the bad economic reports that came out today will get factored in. It should be ugly, and McCain will have no grounds to say that a deal has been reached or that it is imminent.

http://www.boomantribune.com/story/2008/9/25/173612/107

[BlueIdaho]

1. Well then I guess its official - there is no economic crisis. nm.

[BOSSHOG]

2. Yes you do republicans so why does your base

continue to yak about the DEMOCRATIC CONGRESS SINCE 2006? Because you schooled them to do so?

the existence of the republican party relies solely on the ignorance of their supporters. And, unfortunately party officials know just how to orchestrate and take advantage of that ignorance.

[Median Democrat]

3. Wow, They Are Pushing For Deregulation!

I guess they are consistent in arguing that this whole crisis was caused by cumbersome regulations.

[smiley_glad_hands]

4. They want tax cuts for corps and more deregulation? Go figure. n/t

[Liberal_Stalwart71]

5. Why can't the Democrats walk in lockstep like this?

The Repukes aren't even in the majority but it amazes me how they are able to determine the rules of the game! :puke::puke:

[RTFirefly]

11. Democrats like to do silly things like "think" and "make informed judgments."

That is their weakness.

For a Republican, any day that starts out with a talking points memo is a good day.

[WCGreen]

20. Great Point...

I wish I could k&r your post....

[redqueen]

6. Why are Republicans referring to this bailout as if it was a Democratic bill?

Wasn't it put together & proposed by Paulson and the WH?

[wildflower]

18. I caught that too...

Someone posted earlier a quote from Newt Gingrich showing that the plan is for the Republicans to tie Bush to the Dems, and then divorce themselves from both.

[redqueen]

19. One hopes that only the basest of their base would be dumb enough to buy that lie.

Geezaloo.

[wildflower]

22. This is unrelated, but I've been meaning to tell you

I LOVE your sig! It makes me smile every time I see it.

[redqueen]

27. Glad you like!

Here's the full version, in case you'd like to save it:

[wildflower]

33. Thank you, it is so cute

Did you make it?

[redqueen]

34. Gosh no...

I saw someone on here use it long ago, and so I went searching for it cause I thought it fit so well with this election. :)

[WeDidIt]

7. Then the Dems should let the bail out die

IT's clear. Kill it. Kill it dead. Let it die. Announce it is dead so there's no longer any reason for McCain to hang around.

[redqueen]

9. That'd be fine by me. If they've been sitting on this for two months,

then there's obviously no real urgency.

[Historic NY]

8. It time this bailout slows down for the next few weeks and they

start hammering the Roadblock Republicans big time.....

[Median Democrat]

10. Wow! GOP Is Using The Crisis To Demand More Tax Cuts and Dergulation!

McCain has been pushing this bailout, as has Bush, and the House GOP is pushing A DEREGULATORY MODEL to fit their idealogy that the crisis was caused by TOO MUCH regulation.

* * *
The GOP’s “economic rescue principles” advocate adopting a mortgage insurance approach to solve the financial problems facing the country, according to a fact sheet obtained by The Hill.

Roughly half of all mortgage-backed securities (MBS) are insured by the government, and House Republicans have advocated that the other half also become insured by the Treasury Department.

“We can ensure the rest of the current outstanding MBS; however, rather than the taxpayers funding insurance, the owners of these assets should pay for it,” the fact sheet says.

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.

[redqueen]

30. Does this not open the door for Obama to do a speech

like he did after Wright, explaining to the country why the "solution" they're suggesting is so dangerously idiotic?

[Barack_America]

32. I noticed that. But I'm perplexed what the "private capital" thing is all about.

:shrug:

[WI_DEM]

12. The Dems better not save Bush's ass again.

[spanone]

13. rove is setting the democrats up as he has for eight years

[deadparrot]

15. Wouldn't be a DU thread if a Rovian plot wasn't mentioned somewhere. nt

[Jeff In Milwaukee]

14. Dear House Republicans....

Remember back in the 1990's, when you thought you had all the leverage to force Bill Clinton to make an agreement?

Didn't work so well last time.

If you're willing to play political "chicken" with the lives and fortunes of their constituents, you just go right ahead.

[mzmolly]

16. Gee, I thought we needed a "clean" bill?

:eyes:

[stillcool]

17. Well that's the end of that...

now can we have the debate?

[rucky]

21. I don't think the market will be affected much.

you can save this and laugh at me tomorrow, but, I really think there's mixed feelings about this amongst investors.

[ProgressiveEconomist]

23. Key sentence: Pelosi: "bill will not be brought to the floor without broad Republican support."

That statement reassures me that Pelosi and Reid are not fools, 30-some days before a national election for all House seats and one-third of Senate seats.

I would, however, like to see more info on the precise Rules under which a bailout bill would be brought to the floor. IMO, the ideal would be that no vote could take place until there were 80 co-sponsors in the Senate and 348 co-sponsors in the House.

From your OP link http://thehill.com/leading-the-news/house-gop-we-have-leverage-on-bailout-2008-09-25.html :

"House Speaker Nancy Pelosi (D-Calif.) has indicated that a bill will not be brought to the floor without broad Republican support."

[BlueIdaho]

24. Great Idea - a Co-Sponsor threshold before the bill goes for a vote. nm.

[FVZA_Colonel]

25. How can these fuck-ups get away with linking the Democrats and Bush on this?

This financial crisis is all their fucking fault! And I know the media will let them get away with this.

[smiley_glad_hands]

26. K&R for the new old greateast page. eom

[kpete]

28. NO DEAL - UPDATE From KOS

No deal.
by kos
Thu Sep 25, 2008 at 03:34:42 PM PDT

Apparently, the latest word is that there's no deal. But ask again in 30 seconds and you might get a different answer.

Congressional leaders of both parties and the two presidential nominees met with President Bush at the White House Thursday to discuss an emerging plan to rescue the faltering U.S. financial system, but no deal was reached.

Although senators involved in negotiating the bailout package had said at about 1 p.m. that they had had reached a “fundamental agreement on a set of principles” for the plan, it was clear after the White House meeting that no real deal was even close.

Any plan could be a tough sell to rank-and-file Republicans and Democrats alike, though opposition was especially intense among House Republicans.

How fracked up is it that I'm rooting for House Republicans to derail this thing? There's precedence for it -- last year's comprehensive immigration reform bill.

And if nothing else, the intense national opposition to this piece of crap seems to have bought us some time.

Members should be prepared to stay Saturday, Sunday and next week, Hoyer added. “We have no arbitrary deadline as to when we’re going home.”

http://www.dailykos.com/storyonly/2008/9/25/183042/815/702/610533

[redqueen]

29. Good. Gives us more time to call and harrangue them for an equity stake. (nt)

[me b zola]

31. So does this mean that McCain will flip-flop back to being a de-regulator?

Or will he admit that he cannot even lead his party let alone a nation?