Bailout talks in disarray: Dems say reached agreement on principles, House GOP balked

[DeepModem Mom]

Source: CNNMoney

NEW YORK (CNNMoney.com) -- One day after President Bush said the nation's economy is at grave risk, the high-stakes negotiations over the proposed $700 billion bailout of the financial system ended in chaos on Thursday.

Lawmakers bickered over competing counterproposals and hours of meetings between key lawmakers broke down without any progress late into the evening.

A meeting at the White House between President Bush, congressional leaders and the presidential candidates was meant to speed approval of an agreement. Instead, the session revealed deep divisions between Democrats and House Republicans.

As a result, House and Senate leaders and Treasury Secretary Henry Paulson rushed to Capitol Hill at 8 p.m. to try to hash out a deal.

But shortly after 10 p.m., Rep. Barney Frank, D-Mass., the lead House Democrat on the issue who had been in close talks with Paulson for days, accused Republicans of refusing to negotiate. "At this point, we have absolutely no participation or cooperation from House Republicans," Frank said.

The next step was not clear late Thursday night. One thing seems certain: Lawmakers won't recess for the year on Friday, as originally planned. Instead, if they can't reach a deal in the next 24 hours, they're likely to work through the weekend.

Leading Democrats said they were presented for the first time with the House Republican principles at the White House meeting....

Read more: http://money.cnn.com/2008/09/25/news/economy/deal_reached/index.htm?postversion=2008092513

[crossroads]

1. Let them earn their money - they got elected to do the job! nt

[Xipe Totec]

2. That narrative is at odds with what I'm hearing

from Obama, Harry Reid, and Barney Frank.

The repugs won't even own up to who floated the "alternative proposal".

The division is between House Republicans and themselves, don't blame the Democrats for this clusterfuck.

[DeepModem Mom]

3. All the blame is on the GOP. nt

[Triana]

4. Repig secret back-door deals - including McShit coming back to help peddle them...

...and spring them on the Dems LAST-MINUTE - and if the Dems don't capitulate, they'll screech that the DEMS are holding things up.

The Pigs have been doing this for 40+ years that I've been watching the SOBs, at least.

However, THE DEMS MUST NOT CAVE to them!!! Democrats should PUSH and SHOVE their proposals until they're accepted or:

NO DEAL!

[unkachuck]

5. let's go!

"...the session revealed deep divisions between Democrats and House Republicans."

....failure?....time to start blaming the fascist repugs before they hang this mess on us....

[torbird]

9. "deep divisions"? Great!

I WANT deep divisions between my Democrats and the idiot Republicans! The more deep divisions, the better!

[bluesmail]

6. My understanding is they 'walked' out like a bunch of crybabies.

[FVZA_Colonel]

7. Those House Republican "principles" were a damn joke.

MORE tax breaks for the rich and deregulation!!! What a god-damn crock!!!

[snot]

8. anyone else rec'g? and let's thank the dems who are doing something like their job.

[DeepModem Mom]

10. You're right. The GOP is now playing politics, pure and simple -- and the Dems...

are, as Begala said on CNN, trying to do the right thing. I know there is a lot of sentiment here at DU against this deal, but knowledgeable people I know and trust -- most of them Dems -- think Congress must do something. And our candidate Obama thinks so, too. The GOP, IMO, is endangering the country. McCain says "country first"???

[Jakes Progress]

11. I'm glad that Obama

is getting this preview of what it is like to work with the republicans. They will lie, agree to principles, then back out, bring in a new plan. Anything but deal honestly. The only thing that ever really worried me about his candidacy is the campaign idea of getting along with the republicans, cooperating with them, and getting them to agree to anything for the good of the country. What they are doing at these talks is what they do. They are not to be dealt with because they unfailingly lie and back out of any agreement that is reached.