Paulson Plan May Spark Showdown Between Democrats, Republicans

[EV_Ares]

billion rescue plan for U.S. financial companies to curb executive pay, spur the economy with infrastructure spending and help people avoid foreclosures, setting the stage for a possible fight with Republicans and the Bush administration.

Republicans object to adding extras to Treasury Secretary Henry Paulson's proposal, which would authorize the administration to spend an amount almost 50 percent larger than the Pentagon's annual budget to buy banks' bad mortgage debt.

``This proposal is, and should be kept, simple and clear,'' Senate Minority Leader Mitch McConnell of Kentucky said in a statement yesterday. ``Now is not the time for partisan plans or pet projects.''

Both sides risk getting blamed for delaying passage of the bill. Senator Charles Schumer, a New York Democrat, said yesterday that the U.S. could ``risk a depression'' without the measure.

``They should be feeling the fire,'' said Jennifer Duffy, of the Cook Political Report in Washington. ``If they put it off they'll be playing a game of chicken to see who blinks first.''

Democratic lawmakers including House Speaker Nancy Pelosi of California and Schumer promised to act on the plan by end of next week. So far no leader has voiced objections to what Pelosi called the ``sweeping and unprecedented powers,'' such as barring courts from reviewing actions taken by the Treasury under the measure, that Paulson is asking for.

`Good Foundation'

``The package that Secretary Paulson presented was a good foundation that can stabilize our markets quickly but it does not fill in what we're going to do to protect the taxpayer and to protect the homeowner,'' Schumer said yesterday at a news conference in New York.

entire article @ link: http://news.yahoo.com/s/bloomberg/20080921/pl_bloomberg/almxrjdtt2ty;_ylt=Atd.fJd_kR6FYMmMclsCvhKyFz4D

[geckosfeet]

1. So out of one side of their mouths they say we need tighter regulation,

out of the other side they try to scam us into giving away the store with no strings attached.

[newfie11]

2. None of them have the balls to do the right thing

[kentuck]

3. "Now is not the time for partisan plans or pet projects.''

So the Democrats are worried that they will be blamed for the coming Depression. I have one word for these Democrats. Grow a pair!! You are going to blamed - no matter what. You need to learn how to respond instead of reacting to these morons. :mad:

[EV_Ares]

5. Have you noticed how if it is a republican screwup, then we do not need to

play the "blame game", we just need to fix it. If it is a republican scandal, then both sides do it where if a democratic scandal, shameful. Investigations against republicans (Palin included), they are not fair and we will not cooperate.

Wall Street has free rein and they let them run until they rape, plunder and steal all of the money. Then all of a sudden, we do a socialistic move and give them more money to play their game and the little guy is more broke than ever.

I tell you if the people do not pay attention and do not watch what they are doing, their retirements are going to be given to Wall Street, social security will be gone and have you listened to McCain lately where he wants to deregulate the health industry which is what he voted and worked with on doing the financial industry and how did that work out.

[malaise]

6. The whole bailout is a partisan plan and a pet project

of the neocons. People aren't stupid although some of those Democrats are spineless, gutless 'corporatists'. They should not sign one damn thing before the eletion.

[tekisui]

4. "pet projects" like helping the tax payers who pay for this corporate welfare.

These corporate giants are using us like and atm. Just stick that atm card in my ass, and take all the money.