House GOP rejects latest bailout{Emphasis added, by the way.}
By: Politico Staff
September 27, 2008 05:34 PM EST
House Republican leaders on Saturday rejected the latest bailout proposal by Democratic congressional leaders, saying it is too costly to taxpayers and loaded with "pork" for business, unions and liberal groups.
"We want a deal. We just want a good deal for taxpayers," a House Republican leadership aide said.
House Minority Leader John A. Boehner (R-Ohio) called a news conference Saturday afternoon to announce: "We will not agree to a bill that bails out Wall Street at the expense of American taxpayers. We need to act quickly and protect American taxpayers first and foremost. This is not about faceless executives on Wall Street, but about families, seniors, small businesses, and taxpayers.
"Republicans are committed to continuing discussions to solve this crisis in a timely manner. We expect our proposals to be given the consideration they deserve. Our focus is on crafting a bill that serves the interests of American taxpayers — not Wall Street and special interests."
The Republicans were standing up not just to Democratic leaders but also to the White House.
The extended impasse will make it more difficult for the Bush administration to achieve its goal of getting an agreement in place before markets open Monday morning in Asia, which is around 5 p.m. Eastern on Sunday.
House Minority Whip Roy Blunt (R-Mo.) said on Fox News Channel on Saturday morning: “Frankly, I think if it doesn’t happen on Sunday, it won’t happen until Thursday or Friday. … At the end of the day, it’d be better to get it done right than get it done quickly.”
Boehner is charging that the proposal is "loaded with special-interest pork." He handed the following document to reporters:
"House Republicans are fighting to ensure the economic rescue bill doesn’t give a blank check to Wall Street at the expense of taxpayers on Main Street. But House Republicans are also fighting for the removal of pork-barrel provisions added to the working draft of the bill by Democrats for the benefit of special-interest groups and political contributors. Who else stands to benefit?
TRIAL LAWYERS – Instead of investigating the scandal-plagued American trial lawyer industry, the Democratic Congress has showed it in pork, tucking special benefits into major bills to benefit the industry at the expense of American taxpayers – and the economic rescue bill has been no exception. Working drafts of the bill include so-called 'cramdown' provisions allowing bankruptcy judges to reduce mortgage principal under the guise of helping those at risk of foreclosure. If enacted into law, the provision would be a bonanza for trial lawyers and undercut the effectiveness of any economic recovery effort by making it even harder to value mortgage-backed securities.
WASHINGTON LABOR BOSSES – Washington’s powerful big labor bosses – another special-interest constituency closely aligned with the Democratic Party – also get a big handout in the working draft of the bailout bill. So-called “say on pay” or “proxy access” provisions have been added to the bill by Democrats proposing to mandate a nonbinding shareholder vote on proxy access and other issues for all companies in which the Treasury Department buys a direct stake in certain assets. The proposal can and should include restrictions on executive compensation for participating firms in a responsible manner without allowing Washington labor bosses to have an undue say on corporate governance at the expense of American workers and their prosperity.
ACORN – The draft bill includes a left-wing giveaway that would force taxpayers to bankroll a slush fund for a discredited ally of the Democratic Party. At issue is the Association of Community Organizations for Reform Now – better known as ACORN – an organization fraught with controversy for, among other scandals, its fraudulent voter registration activities on behalf of Democratic candidates. Rather than returning any profits made in the long-term from the economic rescue package, Democrats want to first reward their radical allies at ACORN for their (often illegal) help in getting Democrats elected to office. Families, seniors, small businesses, and all American taxpayers deserve better.
© 2008 Capitol News Company, LLC
ACORN is a special buddy of Barack Hussein Obama, by the way. As in, drumming up the Chicago Graveyard vote.
Imagine the screeches of outrage if the Republicans had even considered attempting to enact legislation that might benefit, say petroleum or firearms industries.
Hat tip to wolfwalker, in comments to LawDog's original Bailout Post: The LawDog Files: Meditations on The Bailout
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