UPDATED
Discontent on both sides moved House to kill bailout
Washington Post Sep 29, 08 3:12 PM CDT
(Newser)
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The efforts of Nancy Pelosi and John Boehner were not enough to quell a revolt within their parties that killed the financial bailout bill today. The bipartisan opposition to the bill reflected in the 228-205 vote—95 Democrats and 133 Republicans dissented—reflects liberal representatives’ unease with rescuing highly paid executives and the GOP’s displeasure with a decidedly non-free-market solution, the Washington Post reports.
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Key concessions, and a desire to approve legislation, put talks back on track
Washington Post Sep 26, 08 5:01 PM CDT
(Newser)
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After a dramatic exit yesterday, House Republicans returned to talks today on the Wall Street bailout plan, the Washington Post reports. The White House expressed confidence and hoped aloud for a resolution by Monday. Yesterday’s White House meeting, with both candidates, was seen as a misstep. “The insertion of presidential politics has not been helpful,” Senate Majority leader Harry Reid said.
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Partisanship, an alternative plan undercut consensus
New York Times Sep 26, 08 7:00 AM CDT
(Newser)
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Hopes were high yesterday morning that a deal was imminent for Treasury Secretary Henry Paulson’s bailout plan, but a surprise GOP revolt at a tense summit with Bush and the presidential candidates scuttled the agreement, and plunged the capital into partisan bickering last night, the New York Times reports. The extraordinary meeting ended in disarray, with Paulson literally kneeling to beg House Speaker Nancy Pelosi not to "blow it up."
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Current moratorium expires Oct. 1, GOP hails victory
Politico Sep 24, 08 2:30 AM CDT
(Newser)
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Democrats are removing a ban on offshore drilling from the budget resolution to avoid a White House veto, Politico reports. The move aims "to take a budget standoff of the table so we can address the larger Bush financial crisis," said a spokesman for House Speaker Nancy Pelos. A GOP leader hailed the "capitulation" as a "victory for Americans struggling with gas gas prices.”
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Lawmakers vow not to rush bill like Sept. 11 legislation
Politico Sep 21, 08 7:33 PM CDT
(Newser)
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Democratic lawmakers showed concern today over a proposed $700 billion bailout plan that Barack Obama called a "blank check," Politico reports. Sen. Patrick Leahy vowed not to repeat their post-Sept. 11 mistake—of rushing legislation that President Bush used to justify wiretapping—while others said voters may see the plan as aid for the rich. Breaking his silence, Obama demanded “independent accountability and oversight" in the bill.
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Lawmakers complain of lack of oversight, being left out of loop as feds commit billions
Washington Post Sep 18, 08 10:47 AM CDT
(Newser)
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Like sports fans second-guessing officials’ calls, lawmakers are watching uneasily from the sidelines as Treasury and Federal Reserve officials pledge billions of taxpayer dollars to fight Wall Street’s meltdown, the Washington Post reports. And, while many in both parties have been convinced the moves were appropriate, they’re worried too few players—unelected, at that—have too much power.
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Biden doing little good for Obama in Pa.,
other swing states
New York Times Sep 17, 08 10:37 AM CDT
(Newser)
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Though progressive Catholics have worked hard to convince churchgoers that the Democrats share the church's views on the Iraq war, immigration, and health care, abortion is again turning Catholic voters away from the party, the New York Times reports. As conservative bishops have scolded Catholics like Nancy Pelosi and Joe Biden for contradicting the church's teachings, liberals are facing a setback.
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Says Pelosi in favor of him staying as chair
of Ways and Means
New York Times Sep 16, 08 3:34 PM CDT
(Newser)
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New York Rep. Charles Rangel will remain in his post as chairman of the House Ways and Means Committee while an ethics investigation takes place, the New York Times reports. House Speaker Nancy Pelosi supports the move, said his attorney, and Rangel "believes that the facts should prevail, not innuendo or editorial opinion.” Rangel is under increasing scrutiny for a host of issues related to his personal tax filings and real estate investments.
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Tax committee boss dogged by questions over own returns
New York Post Sep 16, 08 7:51 AM CDT
(Newser)
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House Speaker Nancy Pelosi has privately asked New York Rep. Charles Rangel to step down as chairman of the House Ways and Means Committee after it emerged that his personal tax filings neglected to report income from a rental property for some 20 years, says a source to the New York Post . “You have to have one standard—you can't have one for [Republicans] and one for us,” said a New York congressperson who thinks he should relinquish the post.
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GOP pressure, $4 gas behind sea change on energy position
New York Times Sep 12, 08 2:04 AM CDT
(Newser)
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The Democrats are tossing a big part of their environmental policy overboard to reach a compromise on offshore drilling, reports the New York Times . A shift in public opinion, coupled with Republican pressure on the issue, has convinced the party to reverse its long-held opposition to back a deal allowing some new drilling. The compromise bill is tied to clean energy initiatives.
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Investment bank looking for buyers to save it from collapse
Wall Street Journal Sep 11, 08 4:26 PM CDT
(Newser)
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Bank of America is in preliminary talks to acquire struggling investment bank Lehman Brothers, the Wall Street Journal reports. Lehman has been shopping itself around in a bid to stave off collapse, but potential suitors are wary. Many want Washington to assist with a sale of the bank, whose shares dipped more than 40%, to under $5, today.
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