McCain Makes It Worse As GOP Erupts Over Bailout

Posted on September 27, 2008
Filed Under Gay News Blog

HuffPost reports:

“A tenuous agreement on a bailout plan for Wall Street that had been reached Thursday morning was threatening to fall apart by the time evening had arrived. At fault, it became clear, was a divided Republican Party within the House of Representatives, whose leadership begrudgingly favored the $700 billion bailout but whose ardently conservative members were balking at the idea.

Things grew so heated within the caucus, the Politico reported, that “some House Republicans are saying privately that they’d rather ‘let the markets crash’ than sign on to a massive bailout.”

One GOP lawmaker, referring to his defiant colleagues, asked rhetorically: “For the sake of the altar of the free market system, do you accept a Great Depression?”

But if the party was looking for leadership, it did not find it in its presidential nominee. Sen. John McCain, who on Wednesday said he was leaving the campaign trail to help steer a bailout proposal, may have just exacerbated the problems.

His arrival on Capitol Hill came shortly after the initial compromise was announced. And his presence at a White House meeting later in the day produced more confusion than results. Shortly after McCain convened with the president, Sen. Barack Obama, Treasury Secretary Paulson and congressional leaders, his campaign seemingly criticized all parties involved.

“Despite today’s news reports,” a memo read, “there never existed a ‘deal,’ but merely a proposal offered by a small, select group of Members of Congress. As of right now, there exists only a series of principles, including greater oversight and measures to address CEO pay. However, these principles do not enjoy a consensus in Congress.”

Later, the campaign sought to fight back against a developing narrative that McCain had hurt negotiations by speaking positively about an alternative bailout proposal, one put forth by a “working group” of conservative House Republicans.

In a damage control effort, McCain aides sent reporters a link to an article written by the Atlantic’s Marc Ambinder, which reported that the Senator had taken no leadership position whatsoever.”

McCain Makes It Worse As GOP Erupts Over Bailout