“Paulson, Frank Near Bailout Deal?”

At the same time, conservative Republicans are beginning to publicly peel off, despite appeals from President Bush.

“The whole world is watching to see if we can act quickly to shore up our markets,” Bush said Monday. But on a day in which the Dow Jones industrial average fell more than 370 points, the ranking Republican on the Senate Banking Committee, Alabama Sen. Richard Shelby, all but said he would oppose the package. And endangered House conservatives such as Rep. Marilyn Musgrave (R-Colo.) also deserted Bush.

“Ten Conservative Concerns with the Treasury Bailout” was the headline on a sheet handed out by the Republican Study Committee, which met in the House late Monday. The checklist went from explaining fears of altering the free market system to simply stating: “It won’t work.”

“I am concerned that Treasury’s proposal is neither workable nor comprehensive, despite its enormous price tag,” Shelby said. “In my judgment, it would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted and may actually cause the government to revert to an inadequate strategy of ad hoc bailouts.”

Finally, Republican lawmakers that are standing firm for fiscal responsiblity and limited government in the face of massive government economic bailouts.

read more | digg story


Tags: ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: