This New York Times story on the bailout breakdown is an absolute must-read. As a friend remarked to me, it's like a movie -- Paulson kneeling in front of Pelosi, begging for a bill, then conceding that the House GOP is holding up the bill? Jeez. But look at John McCain's behavior -- he swoops in for this meeting and says nothing. In so doing, he likely derailed a moment of real, pragmatic bipartisan action.
"Mr. Boehner pressed an alternative that involved a smaller role for the government, and Mr. McCain, whose support of the deal is critical if fellow Republicans are to sign on, declined to take a stand. ... Participants said Mr. Obama peppered Mr. Paulson with questions, while Mr. McCain said little."
This isn't leadership, and it sure isn't Country First. Let's remind ourselves of the coalition in support of the bailout bill, which seems to be moving along according to progressive concerns: the Bush administration and Senate Republicans (the "Scared Straight" crowd), Senate Democrats, House Democrats, some House Republicans. Those against: John McCain (the "waffler" contingent) and the majority of House Republicans. McCain has got to make clear his views on this bill -- either support it and bring the House GOP with you, or oppose it and have a debate. But McCain apparently lacks either the courage of his convictions or any convictions at all.
What is Congress' next step? I tend to agree with Matt: Democrats control the majority. Pass an even more progressive bill, and campaign on it. It's time to lead.
--Tim Fernholz
