 merrie says: The bill takes a hybrid approach, and in the case of assets bought at auction, the most severe penalties kick in only when Treasury has bought more than $300 million in assets. At that juncture, a 20 percent surtax would be imposed on rich severance packages, and in the case of highly paid executives, the company would lose its deduction for salaries above $500,000. The second compromise dealt with a Republican proposal that the government intervene in the markets, not by buying up bad assets but by providing a federally backed insurance program that might make the same mortgage-related securities more salable. House GOP leaders had warned Saturday evening that they would need to take any deal to their rank-and-file members before committing to back it. In a sign that negotiations were growing serious earlier in the evening, a Pelosi aide collected BlackBerrys from the staffers meeting in her office so that no details would leak out. Bill shotdown in flames. Mostly from Pelosi Several Republican aides said House Speaker Nancy Pelosi, D-Calif., had torpedoed any spirit of bipartisanship that surrounded the bill with her scathing speech near the close of the debate that blamed Bush's policies for the economic turmoil. Without mentioning her by name, Rep. Adam Putnam, R-Fla., No. 3 Republican, said: "The partisan tone at the end of the debate today I think did impact the votes on our side." Putnam said lawmakers were working "to garner the necessary votes to avoid a financial collapse." But the defeat was already causing a brutal round of finger-pointing. "We could have gotten there today had it not been for the ... There's a "silver lining" here, crude has fallen: Crude has fallen almost $25, or 20 percent, in the past week amid intense bi-partisan talks to to work out the $700 billion bank rescue plan. |
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