White House bailout meeting went badly - Democrats
September 26th, 2008 | by admin |WASHINGTON, Sept 25 (Reuters) - Democratic congressionalleaders told party members on Thursday that a White Housemeeting to try to reach a deal on a financial market bailoutpackage went badly, two Democrats said.
Rep. Brad Sherman, a California Democrat, told reportersafter a party caucus meeting that it looked like Republicanpresidential candidate John “McCain and the Republican caucusare blocking this bill.”
McCain announced on Wednesday he was suspending hepresidential campaign to return to Washington to work on thedeal. He participated in a meeting at the White House withDemocratic rival Barack Obama and key administration andcongressional players in the negotiations.
Sherman said Democratic lawmakers were told thatdealbreakers for the White House include mortgage bankruptcyreform and limits on the pay of the executives of companiesthat would sell assets to the U.S. Treasury under the bailoutproposals.
“Bankruptcy reform is a dealbreaker for the White House”and so are corporate executive pay limits, Sherman said. “Onmore than one occasion, the statement was made that if we putthat in the bill, the president will not sign it,” he said.
Rep. Allen Boyd, a Florida Democrat, said McCain’s visit tothe White House threw the negotiations over the bailout packageinto disarray.
“What’s he done? This did not help matters … it justmakes it much more complicated,” Boyd said. “McCain has come inand tried to play the hero.”
