Former Speaker of the House Newt Gingrich said Tuesday that any lawmaker who votes for the Bush administration's $700 billion bailout package, which he called a “dead loser,” will face defeat in November.
Gingrich (R-Ga.) said he thinks Treasury Secretary Henry Paulson is trying to scare lawmakers into passing the bailout plan quickly and without thorough study.
“I think what Paulson hopes to do is say, ‘If you don’t do exactly what I want you to do, the whole world’s going to collapse on Tuesday’,” Gingrich said.
The former Speaker, talking to reporters at a lunch, added that he expects Democratic presidential candidate Sen. Barack Obama (Ill.) to back the plan. He predicted that, if Republican presidential candidate Sen. John McCain (Ariz.) ends up opposing the administration proposal, there will be an overnight “emergence of a McCain/reform wing of the Republican Party.”
Gingrich said that occurrence would turn the election on its head, with Republicans running ads that feature Obama with President Bush on the same team in pushing for a “nightmare” bailout plan.
The former Speaker said that by November, the flaws in the plan will be apparent, and voters will “break against anyone who votes for it.”
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Tuesday, September 23, 2008
Newt Gingrich: bailout package a "dead loser"
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2 comments:
It's a sad fact, but Americans can no longer trust the economic information they are getting from this Administration. And any Republican or Democrat who shares these concerns cannot in good conscience vote for this bailout and pretend to care about protecting the taxpayer....Now they want us to trust them to spend nearly a trillion dollars on more government bailouts. It's completely irresponsible Reduce...
Secretary Paulson's market predictions have been consistently wrong in the last year. The Administration said the bailout of Bear Stearns would stop the bleeding and solve the problem, but they were wrong. They said $150 billion in new government spending using rebate checks would solve the problem, but they were wrong again. They said new authority to bailout Fannie Mae and Freddie Mac would solve the problem without being used, but they were wrong again. .
Taking a deep breath before doing something is a good idea. Waiting a bit before doing something excruciatingly stupid is a very good idea
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