During the White House meeting, it appears that Sen. John McCain had an agenda. He brought up alternative proposals, surprising and angering Democrats. He did not, according to someone briefed on the meeting, provide specifics.
One the proposals -- favored by House Republicans -- would relax regulation and temporarily get rid of
certain taxes in order to lure private industry into the market for
these distressed assets.
That approach has been rejected by Senate Democrats, Senate Republicans and, to this point, the White House. During the meeting, according to someone briefed on it, Sec. Henry Paulson told those assembled that the approach was not workable.
Before the White House meeting, Democrats and Senate Republicans were on track to get legislation to the floor by tomorrow. Democrats say that, at best, they hope for half of Republicans in the House to go along. At worst, the vote in the House becomes partisan and then Senate Republicans get shaky and then...
As of 6:30, as the Corner notes, Fox's Carl Cameron notes that the mood on Capitol Hill is "remarkably sour."
Senate Minority Leader Mitch McConnell said in a statement that "it's clear that more progress is needed and
we must continue to work together quickly to protect our economy."
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