House of Representatives Speaker Nancy Pelosi said on Saturday that Democrats want to deal swiftly with the Bush administration's $700 billion financial market rescue plan, but also want more oversight, taxpayer protections and regulatory reform.Financially this is a disaster either way. But frankly from a purely political standpoint, I believe the Democrats have the Republicans by the balls here. The Dems are going to want a lot of concessions out of this and they are going to get quite a few of them."In working with the administration, we will strengthen the proposal by ensuring that the government is accountable to the taxpayers in any future actions under this broad grant of authority, implementing strong oversight mechanisms, and establishing fast-track authority for the Congress to act on responsible regulatory reform," she said in a statement.
"We will also seek to protect lower- and middle-income Americans ... from the fallout of the ongoing Wall Street crisis, by enacting an economic recovery package that creates jobs and returns growth to our economy," the California lawmaker added just hours after the rescue proposal was unveiled.
If the GOP doesn't play ball, the Dems are going to hammer them on the fact that the "fiscally responsible" GOP has no problem spending $700 billion on banks, but zero on American homeowners.
Even the most die-hard Republican voters aren't going to put up with that with an election just around the corner.
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