Regardless of the specifics, it seems clear that the current and future political fallout is now a huge obstacle for any bailout proposal.
If this is the emergency that the the administration and the Fed say it is, then there should be consensus across party lines that action is imperative. Today's events cast doubt on that conclusion.
Therefore, in order to defuse the political overtones surrounding the issue. Reid and Pelosi need to establish a singular requirement for passage:
A veto-proof majority.
There have been many observations as to how the Repugs are seeking to turn their disastrous policies against the Dems, by defying Bush and opposing the bailout plan. The thinking being that only the bare minimum of Repugs will vote for passage, while the rest, including those in tight races, have the best-of-all-worlds option of voting no on a plan that is a) unpopular with the public, b) is not at all assured of success, and c) even if it does work, it will be well after the election cycle before that is clear.
The Dems need to make clear that this best-of-all-worlds option is not on the table. They must make it clear that if a majority of Repug congressmen are not willing to endorse whatever action is ultimately negotiated, that there will be no bailout. If there is no possible deal that they will support as a majority, then they must believe that there is no emergency.
And if there's no emergency, then surely action can wait for the next administration.
Supermajority. Or no Deal. Put it on the shoulders of those who created the problem.
Just a thought.