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GOP House Mood 'Grim Anger and Reluctant Willingness' After Economic Briefing

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September 23, 2008 1:37 PM

ABC News' Viviana Hurtado reports: House GOP sources tell ABC News a Tuesday morning briefing by top Treasury, Federal Reserve and White House officials at this morning's House Republican Conference left them with "grim anger and reluctant willingness to go forward."

"We are angry that the SEC, the Fed, and Treasury did not warn us earlier. Still, we are extremely aware of the danger of not supporting the $700 billion bail out package, and in huge numbers, we will back the plan," one House Republican member who attended the meeting told ABC News.

Republican lawmakers attended the briefing that began at 9 a.m. this morning where senior officials from the Treasury Department, the Federal Reserve, and the National Economic Council warned that more erosion of confidence in the banking system would lead to further contraction of the economy.

GOP lawmakers were told that if they did not act soon, the impact to American families would be significant: there could be more job losses and savings could be put at risk.

The NEC official described Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson, and Securities and Exchange Commission Chairman Chris Cox as “the best experts.” He urged Congress to “act now.”

But with this economic meltdown described by the NEC official as a problem a “long time in the making,” some GOP lawmakers are resentful of the pressure to fast track the White House backed rescue package.

“I get that the risk to the economy and families of doing nothing far outweighs backing the plan. But the plan has no guarantees, except trust in Bernanke and Paulson,” a Republican lawmaker told ABC News.

Click here for more on the administration's proposed $700 billion economic rescue package under consideration by Congress.

ABC News' Ann Compton contributed to this report.

September 23, 2008 in Washington | Permalink | User Comments (64)

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The more I learn the less I like this bail out.

What is needed is some real Leadership here not being provided by either Pres. Candidate.

Posted by: Thinking | Sep 23, 2008 1:46:32 PM

RISE UP and the let the REAL Republicans show themselves by OPPOSING THIS BAILOUT! We REAL Conservatives are watching very closely.......

Posted by: ClassicalLiberal | Sep 23, 2008 1:49:25 PM

Stand up for what you believe in Conservatives...VOTE NO for this outrageous bailout!

Posted by: ClassicalLiberal | Sep 23, 2008 1:52:37 PM

Well the Democrats and Obama's team certainly provided leadership in getting into this mess. Two of his big fundraisers/advisors (Franklin Raines and Jim Johnson) resigned as CEOs of Fannie-Mae based on corruption charges (cooking the books, illegal loans). Republicans have tried to pass legislation to reign in F-Mae/Mac but have been rebuffed by Democrats. F-Mae/Mac bought the Democrats, just look at the political contributions:

Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions

Christopher J. Dodd (Democrat) $133,900
John Kerry (Democrat) $111,000
Barack Obama (Democrat) $105,849
Hillary Clinton (Democrat) $75,550

In spite of trying to avert this mess the Republicans now have to plug their noses and bail it out.

Posted by: Tor | Sep 23, 2008 1:56:04 PM

It took years and millions in deregulation and banking lobby to get us into this mess.

It took Gramm shepherding bills and laws throguh congress on behalf of the deregulator lobby and corporate investment over a period of years to get us into this mess.

It took McCain 27 years of pushing for more deregulation in the markets for us to get into this mess.

It took 8 years of silence and cover ups to get us into this mess.

It took 8 years of calling the media "biased"

to get us into this mess.

It will take us weeks to months to get us to a reasonable bail out. and the right advice

not the quick angry "decisive" rants coming from one side.

Posted by: dl (the real one) | Sep 23, 2008 1:56:28 PM

Yell at congress NOW!!! And for God's sake pick a third party canidate. McCain's adviser Gramm changed the law to allow these banks to wreck the economy like they have, and Obama/Biden are bought off by the same insiders. To hell with words, who are there adivsers, who do THEY listen to... If it aint you, you CAN'T afford to trust them in this economy! Don't reward them for stealing from YOU and YOUR children, to bankroll men on Wall St. who already had billion dolllar "retirement" packages!!! Enough is enough. Both parties are hopelessly corrupt. Vote 3rd party, and THROW OUT INCUMBENTS PLEASE!!!

Posted by: hmn | Sep 23, 2008 1:56:58 PM

tor

Gramm, Davis and Black
(and the 23 other banking lobbyists running Mccain's campaign)

had a thousand times more to do with this mess

than ANYONE of the dem side

so stop.

Posted by: dl (the real one) | Sep 23, 2008 1:57:38 PM

1st trillion

McCain keating S&L and deregulation lobby

2nd trillion

Mccain Bush Iraq War

3rd trillion

Mccain Gramm, Davis , Black,...and the rest of the deregulation lobby (ugh again!)

how many trillions does a candidate have to be involved in losing befor ewe say he should not have the keys to the economic engine of the world.

Posted by: dl (the real one) | Sep 23, 2008 1:59:45 PM

"mushroom cloud " anyone?

Posted by: dl (the real one) | Sep 23, 2008 2:01:22 PM

Good on the Conservatives for not buying the sucker bait. A Lib

Posted by: susan | Sep 23, 2008 2:16:39 PM

the republicans want the democrats to bail their administration out, the iraq war out, global warming out, and finally the economy out...

and what the democrats will get for bailing out the GOP and all their rich friends and all their CEOs taht continue to get huge tax cuts

is that teh republicans will then attack the democrats for thsi bailout

just as they blame the bush administration on us, congress on us, the iraq war on us

i mean... when have the republicans been held accountable?

THEY HAVENT, and you see it here on this blog, the republicans are out in full force, the democrats did this


HELLO STUPID, remember when you were all saying a week ago that democrats are just regulatory, big government take over everything, and how republicans want to deregulate and have less government

Well suddenly, thats not what you want, suddenly, once again, the republicans want us to forget their whole philosophy for the last 30 years and just believe the lies they sale

thanks for the catch 22

bail out our friends or destroy america

your choice democrats.. and whatever you choose we will attack you for it
and then continue or tax cuts for the rich and go right back to what we have always been

deregulators


f-ing pathetic republicans

your greed is pathetic

Posted by: Bhrandon | Sep 23, 2008 2:21:43 PM

This isn't right! There is something very wrong with this bailout. Suddenly we are talking about Car loans, Boat Loans, any loans. To top it off we are talking about any banks not just failing banks.

Simply put we are talking about buying out any loan that looks questionable from any bank no questions asked.

Let them sink No Bailout!

Posted by: Thinking | Sep 23, 2008 2:25:26 PM

If it's such a big deal, step back and let the Democrats pass it. They have a majority.

Posted by: Andrew | Sep 23, 2008 2:34:41 PM

The Berlin Wall of the Conservative Movement is crumbling...

Posted by: Joe | Sep 23, 2008 2:35:25 PM

You want to fix the economy... regulate the credit card interest rates. That will fix it. Period. They are charging way too much interest on consumers credit cards, therefore consumers can't aford food or housing. Interest is half or possibly more of consumers payments. It's only going to get worse....do something about it now!!! The consumers are at the mercy of these credit card companies. You must help the consumers first and then it will trickle up to the corporations. Start on the bottom and work your way up. It will work!

Posted by: neteret01 | Sep 23, 2008 2:41:44 PM

The Berlin Wall of the Conservative Movement is crumbling...

You wish.........

Posted by: Chuck | Sep 23, 2008 2:42:24 PM

Bush tred for years to get something done but Chris dodd and Barney Frank and rest of the Democrats blocked him at every turn. Dodd shouldn't be ASKING questions he should be ANSWERING questions!

Posted by: GeoSue | Sep 23, 2008 2:45:10 PM

Fannie mae, was created by FDR. Democrat. Freddie came later...and was protected by Lyndon Johnson. Democrat.

The whole point of these 2 companies, was to offer home loans to low income families. Nice idea, but it went haywire...and off the charts in their loaning out the dough. To families who wanted the nice big new house, on a bologna and cheese budget. Even I know I have to live within in my means.

They defaulted on their loans, the homes went into foreclosure. It's a mess on all sides, but when this was warned about years ago, and Obama took millions from them in campaign donations, knowing the salaries and perks these ceo's were taking in...that holds him accountable as well. Where was his common sense, and outrage for the American people then? Why did he not stand up and say.....I can't take this money, when you have such a huge mess made here, and it's a priority to clean it up?

No one is above reproach here. From the top ceo's to the people wanting a home they didn't need, nor could afford.

If you are a first time home buyer, do your homework. Don't listen to loan officers, or real estate sales people. They're in it for the money.

p.s. Go with fixed interest rate. Variables will kill you!!!

Posted by: Jeanie | Sep 23, 2008 2:52:26 PM

I'm sick of you republicans with your bs blame game.

Obama rec'd $16,000 in contributions from F-Mae/F-Mac
McCain rec'd $169,000 in contributions from F-Mae/F-Mac

These contributions above come from officers and lobbyists of F-Mae/F-Mac, not your everyday campaign contributors. You greedy weasels are always blaming dems and now Obama for all your idiotic failures.
Johnson was on Obama's VP selection board, and then he resigned. Raines was NEVER an advisor to Obama. McCain and his lying chimps know it, but just like everything else...Palin included, they must lie about everything to fool the stupid americans that keep believing their bs.

The greedy republicans are the ones who have run this economy into a damn ditch. And these same republicans are playing politics with our military. This is one big game they created to keep themselves rich. I pray God takes you all to hell.

Posted by: LA in Indiana | Sep 23, 2008 2:55:35 PM

Posted by: dl (the real one) | Sep 23, 2008 1:57:38 PM

You sir or ma'am are delusional. The Democrats had much to do with it.

1. Insisting that unqualified people be given loans.

2. Blocking Bush in 2003 and McCain in 2005 when they pushed for regulating Fannie/Freddie

3. Taking huge handouts from F/F

The Republicans should also be ashamed that they let the Dem's do this without bringing it to the public's attention.

Posted by: mrsmwp | Sep 23, 2008 2:58:53 PM

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