Amazingly, it is the House Republican plan that was originally being pushed last Thursday/Friday that seems to have made the difference.
Instead of trying to figure out a way to make a reasonable bailout plan work, way too many conservatives and liberals spent way too much time trying to kill a plan.
Luckily, last week, the House Republicans realized the absolute crisis facing this country and put together a plan that would not only save the credit market, so you can continue to use your credit cards, but it appears that the new new plan will look very much like the plan the Senate will be passing tonight.
Last week, our own Congressman Paul Ryan with Rep. Cantor proposed a plan that would allow banks to buy into a insurance plan for shaky, but not yet defaulted loans. It was adopted and included in the last bailout plan that failed on Monday.
The bailout plan from Monday will now include the increases in the FDIC caps, requested last week by House Republicans that was dismissed by the Pelosi and company. Yesterday, both McCain and Obama called for these increases. (BTW, to those folks who think Obama or McCain came up with this brilliant plan themselves just need to check last weeks records and see that the House Republicans were way out in front of this)
Also included in the new new plan are tax breaks, suggested last week by House Republicans. These tax breaks will get shaky investors and middle class Americans off the sidelines and get them back into the market again.
Even yesterday morning, after the failure of the first bailout plan, Congressman Paul Ryan on Jay Weber’s show was again calling for the bailout plan to include higher FDIC limits, a “mark to market” suspension and tax incentives to get investors off the sidelines.
Whether the Democrats want to believe it or not, it was not until John McCain showed up in Washington that the House Republicans could even get anyone to listen to their plan. The House Republicans had been shut out until John McCain showed up.
Of course, last week, Nancy Pelosi and the screeching Democrats began screaming that McCain and the House Republicans blew up the plan.
Now it looks like the Senate will adopt the majority of the House Republicans plan tonight.
Senate leaders scheduled a Wednesday vote on a $700 billion financial bailout
package after accepting tax breaks and a higher limit for insured bank deposits
in a bid to win House approval and send legislation to President Bush by the end
of the week.
Thank you, John McCain for getting the House Republicans the attention they deserve. Yes, you took a beating for it. Country first.
I could not be happier for my congressman, Paul Ryan, who did the grown up thing. Instead of worrying about his political career, he worried about his country first. Someone had to put their partisan politics aside and work with the Democrats to not only get a plan that works, but protects the taxpayer. Congressman Ryan did all of this despite the fact that he is running in his own partisan race for office, even while he was getting beat up by conservatives and liberals alike.
PS. To the partisan Democrats in the first district who scheduled a debate between Paul Ryan and his opponent, in the midst of this storm, knowing that the congressman would not be able to go to the debate- that was pretty tacky. Grow up!