This is President Bush's TARP plan being skewered. Senator Gregg was a GOP point man. Senator McCain left the campaign trail, came back to his government-paid job in Washington DC to "fix the economy." See Summary of HR 1424 at thomas.loc.gov for details of support and opposition.
The bill passed the Senate 74-25, mostly GOP opposition, but also some wacky liberals opposed as well (Cantwell, Feingold, Wyden).
The Republicans OWN this action, lock, stock, and barrel.
EXACTAMUNDO!!!! WE, the people, didn't want the TARP bill in the first place and told Congress in overwhelming numbers (~70 - 80% as I recall) to vote NO. Instead, they voted for it without reading any of the details and gave Bush/Paulson a blank check to spend as they pleased.
Within a very short few weeks, Paulson changed the terms of the deal by altering how the money could be spent. Congress should have recognized that they were snookered at that point and killed the funding. However, Congress being filled with so many drama queens, wanted to wait until now when they could squeal "We was robbed!!"
And, they wonder why they are so widely disliked and so discredited!!! They do it to themselves.