Bailout Vote Shows Bush's Power Waning

Huge defeat contrasts with days of willing Congress

By Matt Cantor, Newser Staff

Posted Sep 30, 2008 6:56 AM CDT

(Newser) – The bailout bill’s failure to pass the House—due in large part to defectors from his own party—demonstrates President Bush’s flagging influence in Washington, observes the Washington Post. Bush’s “biggest legislative defeat” as president, it highlighted his tendency to rely on alarmist rhetoric—repeated dire warnings to Congress that failure to pass the measure would be catastrophic—while delegating leadership to cabinet members.

Some Republicans slammed Bush for stepping into the bailout fray too late, leaving too much power and lobbying responsibility in the hands of Henry Paulson, whose plan was widely derided as a power-grab, and who lawmakers feel is politically tone-deaf. Others felt Bush “did what he could” but was hampered by lame-duck status. “He can say 'trust my words,' but they are not going to trust him when they are facing voters who are against him” in November, says a GOP consultant.

[Images (4)]

[Quotes (2)]

The billboard for a London newspaper is seen in London, Thursday, Sept. 25, 2008. (AP Photo)

President Bush walks out of the Oval Office of the White House in Washington, Monday, Sept. 29, 2008, to the South Lawn, to make a statement about the economy. (AP Photo/Charles Dharapak)

President Bush remarks on the failed bailout during his meeting with Ukraine's President Viktor Yushchenko Monday. (AP Photo/Pablo Martinez Monsivais)

President Bush walks alone on the south grounds of the White House Saturday. (AP Photo/Haraz N. Ghanbari)

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You have to take it on faith that by not doing this, the financial world was going to collapse. A big number of House Republicans and Democrats don't believe it. - John Feehery, GOP consultant

This is a weakened presidency — there is no doubt. But he did what he could to alert us to the danger. I don't think you can really fault him at this point. - Rep. Tom Davis, R-Va.

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Bailout Vote Shows Bush's Power Waning