Final Piece Fits: House GOP Agrees to Bailout

The House came in at 1 p.m. today for 25 minutes of what are known as one-minute speeches. The lawmakers -- all of them from the more conservative and more liberal wings of their respective parites -- denounced the deal one by one. The chamber adjourned, and is scheduled to re-open around 4 p.m. for votes on some unrelated issues.

After the 4 p.m. votes, the House Republicans and Democrats are likely to assemble in separate full caucus meetings to review the legislation and fight and shout and scream and hopefully come to agreement on it.

As of now, Rep. John Boehner (R-Ohio) has not officially endorsed the bailout bill, but -- very significantly -- his press office is issuing talking points and arguments in favor of it, explaining all the good things in the bill. This signals he may be on board, and with Rep. Roy Blunt (R-Mo.) there, they could have the full force of House GOP leadership behind this.

Barring some calamity, that puts the $700 billion Wall Street bailout bill on path for passage in the House on Monday. House conservatives are having their own separate meeting following the full GOP conference meeting today. Some of them are already opposed to the bill, issuing "Dear Colleagues" letters against it.

House Democrats believe they'll lose a bloc of their most liberal members. Rep. Dennis Kucinich (D-Ohio) was the third person to speak during the one-minute speeches and wasn't in favor of bailing out Wall Street.

Senate Republicans held a conference call at 2 pm to review the legislation, but there's no real opposition there; they have 40 or more votes in favor.

There's still some confusion as to whether the Senate will push to pass this shortly after the House does tomorrow, or whether they'll shut the place down in observance of Rosh Hashanah, the Jewish new year. Possible scenario -- the Senate comes back in and passes it on Wednesday.

-- Paul Kane

September 28, 2008; 3:37 PM ET  | Category:  business
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Comments

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It is amazing that just last Sunday on ABC, Boehner wanted to hand over $700 Billion to Paulson in a "simple clean" Bill. He tried to thwart Sen. Dodd who wanted to add oversight, protection for tax payers and home owners, and limit CEO compensation.

Suddenly, McCain entered the picture on Thurday, and now Boehners has added an "insurance" fig leaf to the package - so that McCain can claim how HE got the sides to compromise and put tax payers on the line for $700BB?

Fairy Tales from the Wonderland!

Posted by: V. Ray | September 28, 2008 4:43 PM

Boehner, first, has been in the House too long. There has to be term limits. And secondly, he is from Ohio, which doesn't say too much for his knowledge of anything.

Posted by: safari | September 28, 2008 5:10 PM

Are these the same Republicans that never questioned anything Bush wanted, that were for less regulation, that has as Secretary of Treasury one of the main leaders in bringing on this problem? Paulson should be investigated along with all the other scoundrels. Also look at bribes (donations) from Wall Street to these politicians.

Posted by: Anonymous | September 28, 2008 5:46 PM

Where have the democrats been for the last 2 years. They hold both chambers and could have set up the regulatory bodys they claim were needed to avoid this mess. Oops I forgot Dodd,Obama and Frank were the top benefactors of campaign contributions and Obama has 2 of the top Fannie-Fredy execs as his financial advisors

Posted by: Jack | September 28, 2008 9:22 PM

This makes no sense. So much money, so little time to study and prepare the "failed money-makers rescue" bill, so little certainty of a good outcome, particularly for families on a local level, so much power in the hands of one man, a man who is exhausted now and plans to leave the helm soon. Why in the world are the Democrats leading the charge in Congress? Are both parties afraid they will be blamed for inaction? Out here in voter land they can count on being blamed in the history books for leaping before they have carefully looked. Why are both candidates and the President so tepid that they cannot be forceful in a public statement? Could it be that they, like me, are not convinced this action makes sense? The only good thing in all of this is that I, a Democrat, find a common bond with the fiscal conservatives of both parties who are warning us this is a terrible idea. Has the impending election removed the backbone from the Congress? Are they under a spell, sleep deprived? I want them to slow down, to be professional, to have the courage to ask dumb questions, to do the research. Call for a Bank Holiday if they feel so urgent. I am so very disgusted at the panicky pace of the Congress, the Democratic and Republican leaders, the Presidential candidates and the President when faced with this serious monetary matter. I want this legislation to be tabled until after the election. Give the sound companies and prudent investors the time to pick up some of the pieces. The economy will recover without this bill. It always does. Give it a chance. I am much more worried that the American family budget may never recover from the spending restrictions imposed by this enormous new debt. There are winners and losers if the housing market deflates some more. Better for new homeowners, better for renters, not so good for recent home-buyers who need to move now. Help them, then, not all of Wall Street. Help small businesses in the interim, directly, the same for college loans. Subcontract the paperwork to some of the failing firms, to the lowest bidder (!)until things gets better. I will be disillusioned if this bill is rammed through tomorrow. So much so that I might not even vote for federal candidates on Election Day!

Posted by: Judith MacGregor | September 29, 2008 12:02 AM

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