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Kucinich says not enough votes for bailout 09/28/08 03:31 PM [ET]
Also Leaders rally troops for historic vote 09/28/08 09:44 PM [ET]
A prominent liberal Democratic lawmaker said Sunday there are not enough votes to pass the bailout package as it stands now.
“I will tell you right now I don’t know if they have votes,” said Rep. Dennis Kucinich (D-Ohio). “If the votes were there, this would be on the floor. The votes aren’t there.”
Kucinich was about to enter a Capitol building meeting room with fellow House Democrats who have been critical of the $700 billion relief measure for the Wall Street crisis.
The meeting was organized by Rep. Brad Sherman (D-Calif.) and has been termed the “Skeptics Caucus.” Lawmakers were meeting with well-known economists, such as James Galbraith, economics professor at the University of Texas, and William Isaac, former chairman of the Federal Deposit Insurance Commission.
Speaking before the meeting, Sherman equated the Treasury Department proposal to a power-grab by the Bush administration as well as a gift to failing financial services firms.
“This is greatest shift of power to the imperial presidency and the greatest shift of wealth to a still wealthy Wall Street that anyone could imagine,” said Sherman. In addition, the California Democrat also began distributing Sunday a “Dear Colleague” letter highly critical of the relief package.
Kucinich called for more hearings on the bailout despite Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke speaking about the proposal before lawmakers last week.
“None of this has been subject to a critical analysis. We haven’t had access to the books to the people who are claiming they are going broke,” said Kucinich. He also drew the parallel between the administration’s intense urgency on the Wall Street relief package and its drive towards the conflict in Iraq.
“They rushed this Congress into the Iraq resolution and look what happened. Catastrophe for this nation as well as for the people of Iraq,” said Kucinich.
House Republicans have been credited with slowing the bailout that led to the contentious White House summit involving both presidential candidates, Sens. John McCain (R-Ariz.) and Barack Obama (D-Ill.), on Thursday.
Kucinich alluded to his colleagues across the aisle that have also become a source of opposition to the bill.
“There is an attempt to create a fake partisan dichotomy here. This is not about Democrat versus Republican. This is about Main Street or Wall Street,” said Kucinich.
“I will tell you right now I don’t know if they have votes,” said Rep. Dennis Kucinich (D-Ohio). “If the votes were there, this would be on the floor. The votes aren’t there.”
Kucinich was about to enter a Capitol building meeting room with fellow House Democrats who have been critical of the $700 billion relief measure for the Wall Street crisis.
The meeting was organized by Rep. Brad Sherman (D-Calif.) and has been termed the “Skeptics Caucus.” Lawmakers were meeting with well-known economists, such as James Galbraith, economics professor at the University of Texas, and William Isaac, former chairman of the Federal Deposit Insurance Commission.
Speaking before the meeting, Sherman equated the Treasury Department proposal to a power-grab by the Bush administration as well as a gift to failing financial services firms.
“This is greatest shift of power to the imperial presidency and the greatest shift of wealth to a still wealthy Wall Street that anyone could imagine,” said Sherman. In addition, the California Democrat also began distributing Sunday a “Dear Colleague” letter highly critical of the relief package.
Kucinich called for more hearings on the bailout despite Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke speaking about the proposal before lawmakers last week.
“None of this has been subject to a critical analysis. We haven’t had access to the books to the people who are claiming they are going broke,” said Kucinich. He also drew the parallel between the administration’s intense urgency on the Wall Street relief package and its drive towards the conflict in Iraq.
“They rushed this Congress into the Iraq resolution and look what happened. Catastrophe for this nation as well as for the people of Iraq,” said Kucinich.
House Republicans have been credited with slowing the bailout that led to the contentious White House summit involving both presidential candidates, Sens. John McCain (R-Ariz.) and Barack Obama (D-Ill.), on Thursday.
Kucinich alluded to his colleagues across the aisle that have also become a source of opposition to the bill.
“There is an attempt to create a fake partisan dichotomy here. This is not about Democrat versus Republican. This is about Main Street or Wall Street,” said Kucinich.
Walking out of a Sunday night caucus meeting – where members saw the bill on paper for the first time – a number of Democrats said they still has serious reservations.
Rep. Peter DeFazio (D-Ore.), an original founder of the self-described Skeptics Caucus, walked out of the meeting about 15 minutes after it began. Asked if the meeting was done, DeFazio said; “No, I’m done.”
And Rep. Joe Baca (D-Calif.), the Chairman of the Congressional Hispanic Caucus, said a majority of his caucus won’t vote for the bill.
“There’s nothing in here that guarantees new jobs, nothing that guarantees salary increases,” Baca said. “And that’s a huge problem.”
Rep. Ellen Tauscher (D-Calif.) said the majority of undecided members are now moving toward supporting the proposal.
And Democrats appear to have been able to assuage the concerns of the conservative Blue Dogs, a huge conservative voting block within the caucus, with the inclusion of language guaranteeing that the Treasury can recoup some future profits from companies who sell their bad debt to the government.
But Democratic leaders still say they need a majority of the GOP conference to pass the bill.
“The burden is on the Republicans; this is their bill,” said Democratic Whip James Clyburn (D-S.C.) — who added that Pelosi has yet to tell him if he should whip his members.
Rep. Peter DeFazio (D-Ore.), an original founder of the self-described Skeptics Caucus, walked out of the meeting about 15 minutes after it began. Asked if the meeting was done, DeFazio said; “No, I’m done.”
And Rep. Joe Baca (D-Calif.), the Chairman of the Congressional Hispanic Caucus, said a majority of his caucus won’t vote for the bill.
“There’s nothing in here that guarantees new jobs, nothing that guarantees salary increases,” Baca said. “And that’s a huge problem.”
Rep. Ellen Tauscher (D-Calif.) said the majority of undecided members are now moving toward supporting the proposal.
And Democrats appear to have been able to assuage the concerns of the conservative Blue Dogs, a huge conservative voting block within the caucus, with the inclusion of language guaranteeing that the Treasury can recoup some future profits from companies who sell their bad debt to the government.
But Democratic leaders still say they need a majority of the GOP conference to pass the bill.
“The burden is on the Republicans; this is their bill,” said Democratic Whip James Clyburn (D-S.C.) — who added that Pelosi has yet to tell him if he should whip his members.
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