House republicans say bailout too much for taxpayers

President Bush predicted dire consequences if Congress doesn’t act on the proposed $700 billion economic bailout plan.  But some House Republicans are refusing to go along with the plan and are pushing one of their own.

“We want to fix this problem. We want to solve this crisis. And we believe there’s a way to do it where Wall Street pays for its own rescue,“ said Republican Representative Paul Ryan of Wisconsin. 

“If the House Republicans continue to reject the President’s approach, then there’s no bill,“ said Democrat Barney Frank of Massachusetts.

Both sides announced an agreement in principle but not an agreement on the bailout plan.  House GOP members refused the plan, saying taxpayers deserved more. 

Presidential candidates John McCain and Barack Obama diverted from the campaign trail Thursday to join the discussion in Washington.  McCain suspended his campaign to focus on the negotiations.  He said he was putting country first.  “And I’m confident we will have a deal. How much I had to do with that, I’ll let you and others be the judge,“ McCain said.

Some Democrats complained McCain was not helping.  McCain said he wouldn’t participate in Friday’s first Presidential debate unless an agreement was reached on the bailout plan.  Obama said he would be there regardless.  “This does give us an opportunity to go back and forth,“ said Obama.

Federal regulators seized banking giant Washington Mutual Thursday night and orchestrated its sale.  It is by far the largest bank failure in history and underscores the mounting stakes on Capitol Hill.