Just Because You Need To Do Something, Doesn’t Mean You Have To Do Just Anything

September 21st, 2008at 09:18pm Posted by Eli

It’s very clear that the Bush administration is running the same playbook they ran on Iraq and FISA: Give us everything we want or the world will end OMG!!1!1!  It’s not as clear whether the Democrats have learned their lesson:

Congressional Democrats have promised to work with Treasury on the Paulson plan, but they’ve also signaled that they’ll want it to include or be conditioned on the passage of provisions it doesn’t have now — among them, greater oversight, foreclosure-prevention measures and a cap on the compensation for CEOs whose companies would be helped.

In a statement, Senate Majority Leader Harry Reid (D-Nev.) said that the government’s “first priority” must be to prevent a “global financial meltdown” — but that the president still has to make the case for the plan his administration has sent to Congress.

“While the Bush proposal raises some serious issues, we need to resolve them quickly. I am confident that, working together, we will,” Reid said. “Meanwhile, I call on the president to better explain to the public the severity of the threat all Americans face, and why he believes his approach is needed.”

A House Democratic leadership aide said House Democrats won’t be in a position to send the message the White House wants until it’s clear that they’ll get more oversight into the plan. “There are concerns about these unprecedented powers, and we just want more oversight, a congressional board or [Government Accountability Office] oversight authority,” the aide said. “We just need to strengthen the oversight.

Harry Reid is sounding awfully accommodating.  Yeah, there will be some oversight provisions, but it doesn’t really sound like he’s pushing for massive structural changes.  Will they even be able to get that?

Dean Baker, a liberal economist with the Center for Economic and Policy Research, said he has told congressional Democrats that Bush is the one who is in the delicate situation and would therefore be unlikely to veto whatever package Democrats send to him, as long as it gives Paulson some of what he needs.

“I can’t imagine Bush would veto something Democrats send him,” he said. “I just can’t believe he’s prepared to say, ‘If you don’t give me exactly what I want, the financial markets collapse.’ I can’t believe he’d do that.”

Um… why on earth not?

Entry Filed under: Bush,Corruption/Cronyism,Democrats,Economy,Politics,Republicans

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