This Finance Bill Must Be Passed, But McCain Interjecting Himself Into the Process Only Makes It Harder

TW: I have blogged on the imperative for this "bailout" to be a broad bi-partisan initiative including not only the Bush Admin and Congressional Democrats but also Congressional Republicans. Otherwise the Republicans could have run hard against the bill claiming they could have done better. This is one of those distasteful bills that no one likes but must be passed. There can be no free riders.

McCain by pulling his stunt he is inherently increasing the politicalization of this already highly precarious process. Had he made this move in conjunction with Obama as opposed to as a blindside, I would be less skeptical of his motives but still skeptical of the move. The farther Obama and McCain are from the negotiations the better (they can voice their approval from afar). Keeping out of the way would be putting America first.

From Time:
"This morning you would've been hard pressed to find a Republican member of Congress supporting the bail out despite five days of heavy pressure from the likes of Dick Cheney, Henry Paulson, Jim Nussle and Josh Bolten. The caucus was in a virtual revolt over being forced to vote for a bill that pretty much stands against much of their own platform. Leaders were struggling to figure out how they would convince enough members to vote for the legislation. McCain's sudden suspension of his campaign and return to Washington to work on the bill comes as a welcome relief to many members of the House GOP caucus...McCain's moves give a lot of panicked members who weren't going to bow to pressure from the White House or their own leadership the political cover they sought. But it also marries McCain to an incredibly unpopular...Several sources on the Hill said they expect Bush tonight to call congressional leaders, including McCain and Obama, to the White House tomorrow to sit down and hammer out an agreement. But leaders from the left and the right rejected the idea of McCain and Obama taking over the talks. When asked by reporters if he wanted McCain sitting in blow-by-blow negotiations Rep. Adam Putnam, the No. 3 House Republican, simply smirked, mute for ten seconds as reporters laughed...The situation is history making -- what happens when must-pass emergency legisaltion comes before an unpopular lame duck president? The answer blurs the lines between the executive and legislative branches. At the end of the day the bill will be passed but the cost for the GOP may be akin to the pain the Dems felt passing the 1993 budget for the rank-and-file GOP and McCain alike. And while we're on the subject of that tough vote, it's worth noting that that budget deal set the country on the path to surpluses and balanced books."