Posted on 10/01/2008 1:18:40 PM PDT by Sub-Driver
White House Won’t Support House GOP’s Alternative Financial Plan Wednesday, October 01, 2008 By Fred Lucas, Staff Writer
White House (CNSNews.com) - With Senate passage of a revised financial bailout in sight, the White House rejected considering a more free market alternative proposed by House Republicans.
The alternative plan, announced Tuesday by Rep. Jeb Hensarling (R-Texas), chairman of the Republican Study Committee (RSC), replaces the $700 billion bailout package aimed at easing the credit crisis with a plan to federally insure mortgages up to 100 percent.
The current plan, supported by President Bush, would allow the Treasury Department to purchase the troubled mortgages and mortgage-backed securities, which are at the heart of the ongoing credit crisis.
Nonetheless, insurance is part of the revised proposal being considered by the Senate Wednesday, White House spokesman Tony Fratto said.
"It is mandated in the bill that if the Treasury puts in place the asset purchase, it must also put in place a guarantee plan," Fratto told CNSNews.com after the White House press briefing Wednesday.
“I know the RSC wants only the insurance option and not the purchase option. We disagree with that and believe that the purchase program needs to be part of the solution here,” Fratto said.
In addition to federally insured mortgages, the Republican Study Committee plan also includes tax cuts for businesses to promote investment and the sale of unwanted assets. There also are provisions in the plan for greater accountability of Government Sponsored Enterprises, such as Fannie Mae and Freddie Mac.
(Excerpt) Read more at cnsnews.com ...
The White House doesn’t have a vote.....
The title is somewhat misleading. I am glad I read the article.
1. Jimmy Carter 2. Bill Clinton 3. George Bush. In that order, but I know debatable.
It says right here that in roughly 100 days the White House will show a new profile, regardless of how this election goes. Who cares what the current occupant favors?
Of course they won’t support the House bill. It isn’t socialism
A veto pen is a pretty serious "vote". Unfortunately, Bush seems anxious to support anything that comes to his desk...loaded with pork and socialist funding...he just doesn't give a damn. It's not like he's concerned about getting re-elected.
I am wondering if people actually read the articles they post and not just the headlines.
Ku-Ku Ku Ku Woddy woodpecker could do a better job.
“....The White House doesn’t have a vote.....”
The house should modify the bill and tell the WH to take it or leave it!
I’d really like to see the Senate not pass the bailout. Though the bill keeps getting better. Now it has pro-business tax relief which is good. I’d like to see it go down again but I get the feeling this thing is going to pass in the Senate though I see Mich McConnell really shaking in his boots about this. The White House not supporting the the alternative isn’t necessarily a bad thing. I think there is an opportunity for the GOP and McCain if they will seize it. You take an alternative to the American people that has accountability at its core and the people will cheer.
Did you actually read the article word for word??
Paulson is a leftist plant, IMHO.
If W. knew what he was doing... well why try to finish that sentence?
The article was exactly what the headline said.
The 700 billion dollar bail out costs each and every American about 2400 dollars.
No it wasn’t. The article said the White wanted both the insurance option the purchase option. That’s all the article said. I know you don’t read the articles, you just read the headlines.
Quote
Nonetheless, insurance is part of the revised proposal being considered by the Senate Wednesday, White House spokesman Tony Fratto said.
“It is mandated in the bill that if the Treasury puts in place the asset purchase, it must also put in place a guarantee plan,” Fratto told CNSNews.com after the White House press briefing Wednesday.
“I know the RSC wants only the insurance option and not the purchase option. We disagree with that and believe that the purchase program needs to be part of the solution here,” Fratto said.
I’m almost ready for one of those 1/20/09 bumper stickers.
non-support by the WH and Congressional leaders of both parties could be a giant plus for the Alternative Plan, IMO.
Thanks, George.
The Beltway Party ignores the Republican Party.
Hope that helps you out.
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