Bailout Fate Unclear After Bush Meets With Candidates, Congressional Leaders

[Hawkgirl]

The fate of the Bush administration's $700 billon bailout package was thrown into doubt Thursday evening, after congressional leaders left a landmark White House summit on the economy hurling accusations at each other and declaring there was no deal.

Debate over the proposed bailout of the financial industry continued into the night, with congressional Democrats saying they're still working toward an agreement and Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke due to meet with lawmakers.

The summit at the White House, which included Barack Obama and John McCain, was intended to be a consensus-building exercise — one of the final stops on the rocky road to approving the controversial rescue package. Congressional leaders just hours earlier had announced they had reached an agreement in principle on the rescue package.

But as Obama and McCain left, officials and aides who had attended the meeting said the summit ended on a very low note.

"This meeting ended bad — real bad," one source told FOX News. Others described the tone as "angry" and "heated," saying Democrats were upset with House Republicans in particular who would not drop their opposition to the administration's proposal.

"We may have gone backward," another source said.

http://www.foxnews.com/story/0,2933,428165,00.html

Never would I imagine to see the democrats pissed off at republicans for not agreeing with the Bush administration....

[miskie]

Frankly, I don't like the bailout as it stands - And I really don't like seeing a bunch of happy Democrats holding 700 Billion bucks hostage.

The more I consider this, the more I think that The President is wrong on this one. A bail out may be necessary, but it should be measured and severe regulation should be the penalty to pay for businesses that take in bailout cash to insure that the money gets back to the taxpayers ASAP. - Make the cure painful like a series of rabies shots - Otherwise this is going to fix nothing.

Some businesses may find other ways to stem their losses if they find the cost of Government suits owning their asses in exchange for money isnt worth it in the end. That will reduce what I feel will end up being a trillion bucks lost.

 

[Hawkgirl]

The more I consider this, the more I think that The President is wrong on this one.  

The simple fact that the dems are for it is enough to tell me something is wrong.  Newt's ideas are much better.

[jendf]

Barney Frank and Obamalamadingdong are pissed in this article. That tells me McCain is doing something right.

[Willow]

Senator Linday Grahman was just on Greta. The dealbreaker was that the Dems want to give ACORN 20% of that 700 billion dollars.

[Uhhuh35]

“Here’s my observation and I think this may have been confirmed at the meeting today — when you inject presidential politics into delicate negotiations, sometimes it’s not helpful. The cameras change things,” Obama told FOX News after the meeting ended. “It’s not clear to me that having presidential candidates in a high-profile way in the negotiating process is useful.”

Umm, aren't you a Senator too? Isn't it your job to be in the negotiating process?
Methinks the Congress Critters were trying to pull a fast one and got caught.