A weekend of late nights produced a compromise bill on Sunday designed to rescue Wall Street firms from their bad financial market decisions, as lawmakers in both parties won a series of concessions from the Bush Administration.
While Democratic leaders want nothing more than to blowout the party of President Bush at the ballot box five weeks from tomorrow, they worked hard to make sure his plan didn’t go down the drain because of bipartisan opposition.
“We insisted on protecting the taxpayer as we stabilized the markets,” said House Speaker Nancy Pelosi on Sunday afternoon.
“We’ve improved the President’s plan in a number of ways,” added Senate Democratic Leader Harry Reid.
After a lot of grumbling early on, even top Republicans were brought into the fold, though many of their lieutenants may end up voting no.
“Nobody wants to support this bill,” said House GOP Leader John Boehner, who then told reporters that he would be voting for it.
On Friday, Boehner was the one who seemed to pour the most cold water on the idea of a big time Wall Street bailout during a contentious White House meeting.
Speaking of the two presidential candidates who were at that meeting, both Barack Obama and John McCain have indicated they will be supporting this deal.
The House will vote today, the Senate will vote later in the week because of a mini-break for the Jewish holiday of Rosh Hashanah, which starts at sundown on Monday night.