Many diaries, and some news reports, appear to be commenting on Marc Ambinder's report that McCain brought up his own plan and derailed negotiations. This makes it look like some sort of political trap by McCain.
During the White House meeting, it appears that Sen. John McCain had an agenda. He brought up alternative proposals, surprising and angering Democrats. He did not, according to someone briefed on the meeting, provide specifics.
One the proposals -- favored by House Republicans -- would relax regulation and temporarily get rid of certain taxes in order to lure private industry into the market for these distressed assets.
That approach has been rejected by Senate Democrats, Senate Republicans and, to this point, the White House. During the meeting, according to someone briefed on it, Sec. Henry Paulson told those assembled that the approach was not workable.
Before the White House meeting, Democrats and Senate Republicans were on track to get legislation to the floor by tomorrow. Democrats say that, at best, they hope for half of Republicans in the House to go along. At worst, the vote in the House becomes partisan and then Senate Republicans get shaky and then...
As of 6:30, as the Corner notes, Fox's Carl Cameron notes that the mood on Capitol Hill is "remarkably sour."
However, now Ambinder appears to have backed away from that original report.
Though Sen. Chris Dodd implied that Sen. McCain sandbagged the rest of the negotiators by bringing up alternative proposals, McCain himself did not bring up those proposals, according to four independent sources briefed by four different principals inside the meeting, including two Republicans and two Democrats.
"McCain has not attacked the Paulson deal," said a third Republican who was briefed by McCain direclty. "Unlike the [Democrats] in the [White House] meeting, he didn't raise his voice or cause a ruckus. He is urging all sides to come together."
Republicans like John Boehner brought up the concerns of House GOPers and McCain acknowledged hearing about their concerns. And McCain, and staffers, did seek to gauge the level of support of the GOP working group's white paper. The Democrats were left with the impression that McCain endorsed the GOP efforts, but they concede that he did not raise them directly.
The fact is that Boehner doesn't have 100 votes from his conference -- 100 votes that Nancy Pelosi really wants. And that's not McCain's fault.
But Boehner and the White House -- and McCain -- if they want to get something passed -- do have the responsibility to persuade these Republicans to support the bailout .
It appears that the House GOP brought up the alternative and McCain tried to gauge support for that plan without outwardly endorsing it. It may take some time to learn everything that is happening. We have to be careful not to overreact at initial reports.
If the latter post is true- and I'm not convinced yet one way or the other- than that puts McCain in a hard position. He has to deliver 100 GOP votes in the House, or the failure will be laid squarely at his feet. He doesn't have much support among the GOP faithful in Congress- he tends to regularly curse them out- so it will be interesting to see what happens here.