This administration has no credibility at all, Rep. Jim McGovern (D-Mass.) said. The last time they asked for a blank check, we got stuck with the war in Iraq. ... I know the administration is anxious to bail out Wall Street, but I dont represent Wall Street.
McGovern said that at a minimum, the Bush administration is going to have to give in to Democratic demands for a broader stimulus package.
If the administration wants me to eat some s---, theyre going to have to eat some s---, too, he said.
The political backlash is hitting lawmakers in their offices and mail, with voters wondering why a bailout is necessary and how it got to this point.
We are a reflection of America, Rep. Phil Gingrey (R-Ga.) said. The public doesnt support this thing because they see it as a bailout for Wall Street and they dont understand the consequences for not doing it.
Members of the conservative Republican Study Committee ridiculed the bailout and argued instead for a cut in corporate tax rates and the suspension of the capital gains tax.
And they also objected to being told that they have to act immediately. The last time I heard that I was on a used car lot, said Rep. Mike Pence (R-Ind.), who is opposing the bailout.
Initially I think the whole thing stinks, Rep. Zach Wamp (R-Tenn.) said after the GOP meeting with Cheney. Everyone in the room thinks that this really stinks.
Wamp said lawmakers want some assurance that taxpayers wont lose out on the deal and CEOs wont benefit. But Wamp said Members also see the risk that inaction could prompt a fiscal crisis.
Its a heavy task to try and convince the Congress six weeks before an election that this kind of rescue plan is necessary, he said. Its going to be a close call at this point.