House Republicans could still try to blow it up because lawmakers want EVERYBODY to support it. Something tells me that those politicians in the House won’t pass ANYTHING, though, so Dem and Repubs in the Senate may just have to bite the bullet.
The good news? Both Obama and McCain say they’ll probably support it. So that’s enough “bi-partisan” support the majority party may need.
Those present said the bailout plan still needs to be drafted in its final form, a process staff members were expected to continue throughout the night in what one aide called a “marathon drafting session” in Speaker Pelosi’s office just off the rotunda in the Capitol building. A formal announcement is scheduled for some time Sunday, though an exact time and location was not immediately available.
A summary of the tentative agreement released by Speaker Pelosi’s office said the plan “gives taxpayers an ownership stake and profit-making opportunities with participating companies; puts taxpayers first in line to recover assets if a participating company fails; (and) guarantees taxpayers are repaid in full — if other protections have not actually produced a profit.”
The $700 billion would be available in phases. The first $250 billion will be “immediately available” to the Treasury Secretary, and $100 billion available “upon report to Congress,” and $350 billion “available only upon Congressional action,” according to a summary from the office of House Minority Whip Roy Blunt (R., Mo.), the No. 2 House Republican who was at negotiations.
A summary from Speaker Pelosi’s office said the final deal included “cutting in half the administration’s initial request for $700 billion and requiring Congressional review for any future commitment of taxpayers’ funds.”
The Dems do have the votes to go it alone, but again…they don’t want to do that because this thing will be hung around their neck if it fails. And let’s face it, this isn’t a great solution, but there are no great solutions. We saw what happened the last time we did nothing (The Great Depression), so these House Republicans are actually acting incredibly irresponsibly right now, regardless of what the American public thinks about it in polls.
More as it develops…