We've all read the news making the rounds. It's on the rec. list. Pelosi has announced that Congress will not hand over a blank check to Secretary Paulson or accept his bailout demand without safeguards. Just what our party leader has called for. While all that is well and awesome, however, there's also ample anxiety among progressive Democrats who wonder: Can we count on Madam Speaker to stand her ground, and not cave in a week? More over the fold.
That is the $700 billion question: Will Pelosi and Congress stand firm, or is this newfound show of steel just for show? Will they just as quickly cave in to the surefire Republican blackmail that's going to kick off in the next matter of hours.
Because this is not simply an economic matter; it's also a political highwire that the Democratic Congress is about to walk. You can trust the Republicans to come out before the night is over and accuse them of stonewalling the President's "honest effort" to save the American economy. Yes. The Paulson plan, if you read it carefully, is a political plan to blackmail Democrats just weeks before election day. Support an obnoxious, almost criminal bailout proposal or they'd tell the American people that the Democrats are blocking the President's efforts to save our economy.
So, how will Pelosi and Congress play this? Will it be enough to simply say, no way, no how, no blanket Paulson bailout plan? Or will they have more cards ready to play to win the public relations war that's about to follow.
Here's what I think Speaker Pelosi and Congress should do. Call it the suplemental 3-point plan:
- Throw out the Paulson proposal and explain to the American people why it makes no sense and will benefit the culprits instead of help the worst hit
- Present an alternative plan with a complete bill as soon as tomorrow and get to work immediately on passing it.
- Hold a daily press conference of Congressional leaders (Pelosi, Reid, Dodd etc) to keep the American people informed on what's at stake and what's being done.
So far our congressional leadership has failed Democrats on the information battlefront. This is going to be crucial on this occasion if we're going to avoid being blackmailed by the Republicans as the party that stood in the way of helping the American people. Letting the American people understand that we're the ones fighting for them is going to be just as critical as anything Congress does with this crisis.