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John McCain And House GOP Blow Up Bailout Agreement

John McCain’s rush to Washington to save our economy has only caused delay and damaged the bailout. A  bailout agreement was on the table before McCain landed and when the maverick arrived on Capitol Hill he managed to slam dunk it into the trash. What a maverick.

As McCain traveled to Washington, he probably missed the news that the Feds had taken over Washington Mutual. This recent seizure is just another reason why the unpopular bailout needs to  happen. However, for McCain it’s more about a photo op.

McCain who can never seem to keep the wheel on his “bullshit express” has taken the bailout into the ditch. In a late Thursday evening session to hammer our another deal Republicans walked out leaving the bailout in peril. House Republicans claim they want a bipartisan agreement. Funny they had that before McCain arrived. I guess House Republicans don’t consider the Senate Republicans part of the bipartisan agreement.

It’s unbelievable that House Republicans would say McCain did not have a say in the discussions. McCain attend the afternoon meeting with Bush and other leaders of course McCain never said a word or proposed an idea.  We now have a very clear idea how John McCain would lead.

According to Politico House Republicans are the obstacle in the agreement

Four of the five parties involved in the deal — House Democrats, Senate Democrats, Senate Republicans and the White House — had agreed to the general outlines of a plan, Sen. Chris Dodd (D-Conn.) and Rep. Barney Frank (D-Mass.) said after the meeting ended.

That left one remaining obstacle: House Republicans.  Or maybe two.

Although John McCain hasn’t said whether he supports the bipartisan, bicameral compromise struck earlier in the day Thursday, one of his leading Senate surrogates – Lindsey Graham of South Carolina – said Thursday night that McCain joined House Republicans in opposing that proposal.

Sen. Judd Gregg (R-N.H.) represented the GOP, with Sen. Mitch McConnell (R-Ky.) endorsing the negotiations. Dodd and Frank represented the Democrats, although Sens. Jack Reed (D-N.H.) and Charles Schumer (D-N.Y.) were also there for part of the meeting.

According to one GOP lawmaker, some House Republicans are saying privately that they’d rather “let the markets crash” than sign on to a massive bailout.

After a wild meeting at the White House, House Financial Service Committee Chairman Barney Frank (D-Mass.) was asked whether the Congress and the president were close to a deal.

“Yes and no,” he said. “We’re closer to a deal between House Democrats, Senate Democrats, Senate Republicans and the administration. I cannot tell you, but we seem further away with the House Republicans because we thought we might have some differences of opinion over the president’s approach. They’re now talking about a very different approach.”

Frank bashed McCain for becoming involved in the bailout talks, suggesting he was doing it only for political gain in the presidential race.

“I think Sen. McCain was hurting politically on the economic issue,” Frank just told reporters. “I think this was a campaign ploy for Sen. McCain. I think they then had this problem that there might not have been enough of a deadlock for him to resolve. I don’t know what motivated what, but the next thing we know, he’s in a position, frankly, where he’s making it harder to get things done rather than negotiate differences.

“He’s slowed it down, I don’t know whether he caused it or what,” Frank said. “We are trying to put it back together.”

House Republicans, of course, have their own take on what happened. They blame Frank and Sen. Christopher Dodd (D-Conn.), chairman of the Senate Banking Committee, for trying to force through an agreement lacking bipartisan backing once they knew McCain had suspended his presidential campaign in order to return to Washington. Republicans said it was a blatant attempt by Democrats to deny McCain – and House Republicans – a role in the discussions.

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