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Second Time a Charm, or a Curse?

By Matt Cooper

J. Jennings Moss writes: No one said getting the House to change its mind about the Wall Street bailout plan was going to be easy, but leaders of both parties thought going into today that they'd pull it out. It might end up being a very long day.

According to John Carney at Clusterstock.com, the vote is likely to be delayed for hours to allow for more arm twisting. President Bush, depicted just about everywhere this week as a practically forgotten lame duck, might even make a personal appearance on Capitol Hill to lobby for it. As Carney describes it:

The situation on Capitol Hill is rapidly deteriorating. Some of the turned Democratic votes are said to be contingent on the Republicans getting more votes out of their caucus. The fiscally conservative Blue Dog Democrats are considering a revolt. House Speaker Nancy Pelosi is screaming at people, trying to restore order but only adding to the feeling of panic.

It's difficult to predict how it will all go down. Some media outlets are quoting lawmakers who voted against the plan Monday as now being in favor of it. One of those, Republican Representative Zach Wamp of Tennessee, predicted the votes were probably there for passage. He told reporters at least 12 Republicans and eight Democrats who were in opposition now are supporting the measure.

"The time has come to act," Wamp told Fox News. "If we do not go on the wall, it will be an ugly day in America."

But others said they weren't budging.

"I am a firmer 'no,' " the New York Times quoted Representative Joe Barton, Republican of Texas, as saying. "I don't want to see the debt ceiling increased on $1 trillion with no way to pay for it."

J. Jennings Moss

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Related Links
Don't Get Sanguine About This Bill
How to Get the House Republicans On Board
Let Boehner Write It, or Have the Fed Go Solo

Full post as published by Portfolio.com: Capital on October 03, 2008 (boomark / email).