Republican group wants bailout cut to $250 billion

Leellana · Oct 3, 2008

WASHINGTON (Reuters) - A group of Republicans in the U.S. House of Representatives said on Thursday they would seek an amendment to significantly reduce the size of a $700 billion Wall Street bailout package headed for a House vote soon.
Ohio Rep. Steven LaTourette said 23 Republican lawmakers will seek an amendment that would lower the amount the Treasury Department could spend on the bailout to $250 billion.
Twenty of those were among the 133 Republicans who voted against the first version of the bailout legislation, which was defeated on the House floor on Monday.
Speaking to reporters, LaTourette said that under the plan, Congress would reconvene in mid-November to review Treasury's progress and see whether additional legislation was needed to provide more money to the administration.
The senior Republican on the House Financial Services Committee embraced the proposal. Rep. Spencer Bachus of Alabama said it will provide Treasury Secretary Henry Paulson "the funds in an amount as great as he has said that he can expend in an orderly fashion" until a review could be done in mid-November.
Shortly before the House Republicans unveiled their proposed amendment, House Speaker Nancy Pelosi told reporters there probably was not time for the House to change the bailout bill that was passed by the Senate late Wednesday.
While the Senate was still in session on Thursday, many senators had already left Washington in anticipation of a long recess and it would take time to bring them back if they were needed to vote again on a revised House bailout bill.
Nevertheless, the group of Republicans were seeking permission from House leadership to allow their amendment to be debated on the House floor.
That decision was expected later on Thursday.
Legislation is generally debated on the House floor with strict limitations on amendments, and often with a total prohibition on amendments.
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Interesting. Why didn't they go with the $250 billion in the first place?

Asyncritus · Oct 3, 2008

Why didn't they go with not bailing these scoundrels out in the first place?

Why didn't they go with not messing with the housing market for the last 70 years by encouraging people to take out mortgages they can't really afford?

Why didn't they put in the bailout proposals that Fannie Mae and Freddie Mac are no longer GSEs?

Scott Hamilton Robert E Ron Paul Lee · Oct 3, 2008

Why is the congress so adament in giving seven hundred billion to 4 positions when we don't even know who will hold these positions after December, when the bulk of the money will begin disbursement?

Eminence · Oct 3, 2008

Eh, why not? The 700 number was pulled out of thin air anyway.

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Republican group wants bailout cut to $250 billion

Leellana Poetess

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Republican group wants bailout cut to $250 billion

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Scott Hamilton Robert E Ron Paul Lee Straight Awesome

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