"The Democratic side more than lived up to its side of the bargain. The legislation may have failed, the crisis is still with us," said U.S. House of Representatives Speaker Nancy Pelosi (D-Calif.) during a press conference on the rejection of the Wall Street bailout plan by House Republicans.
According to Pelosi the bill was bipartisan. Democrats had put in language about capping CEO salaries and protecting about-to-be foreclosed homeowners keep their homes, and steps were taken to provide for congressional oversight.
Pelosi said that although the majority of the House Democrats heeded Secretary of Treasury Henry Paulson and President George W. Bush's warnings regarding the need for the bailout plan, the House Republicans did not.
"We extend a hand of cooperation to the White House and to the Republicans so that we can get this issue resolved for the benefit of America's working families, to strengthen our economy and therefore strengthen our country," said Pelosi.
Chairman of the Financial Services Committee Barney Frank (D-Mass.) said that some members of the House had advised Paulson to make sure that his proposal was acceptable to both Wall Street and to the House Republicans, but that Paulson had not properly done that.
Frank said that the Bush administration should take the initiative to change the stance of the House Republicans.
The Democratic leadership disagreed with insinuations that the plan was derailed due to a partisan speech by Pelosi.
"I am appalled...We have come together on a bill to alleviate the crisis, and because somebody hurt their feelings they decide to punish the country? I would not have imputed them that degree of pettiness and hyper-sensitivity," said Frank.
He went on to joke,
"There were 12 Republican members who were ready to stand up for the economic interest of America, but not if somebody said someting? Give me those 12 people's names and I will go talk uncharacteristically nicely to them and tell them what wonderful people they are, and maybe they'd now think about the country."
The plan was supported by 60 percent of the House Democrats and 67 percent of House Republicans voted against it.
Pelosi: The legislation may have failed, the crisis is still with us
According to Pelosi the bill was bipartisan. Democrats had put in language about capping CEO salaries and protecting about-to-be foreclosed homeowners keep their homes, and steps were taken to provide for congressional oversight.
Pelosi said that although the majority of the House Democrats heeded Secretary of Treasury Henry Paulson and President George W. Bush's warnings regarding the need for the bailout plan, the House Republicans did not.
"We extend a hand of cooperation to the White House and to the Republicans so that we can get this issue resolved for the benefit of America's working families, to strengthen our economy and therefore strengthen our country," said Pelosi.
Chairman of the Financial Services Committee Barney Frank (D-Mass.) said that some members of the House had advised Paulson to make sure that his proposal was acceptable to both Wall Street and to the House Republicans, but that Paulson had not properly done that.
Frank said that the Bush administration should take the initiative to change the stance of the House Republicans.
The Democratic leadership disagreed with insinuations that the plan was derailed due to a partisan speech by Pelosi.
"I am appalled...We have come together on a bill to alleviate the crisis, and because somebody hurt their feelings they decide to punish the country? I would not have imputed them that degree of pettiness and hyper-sensitivity," said Frank.
He went on to joke,
"There were 12 Republican members who were ready to stand up for the economic interest of America, but not if somebody said someting? Give me those 12 people's names and I will go talk uncharacteristically nicely to them and tell them what wonderful people they are, and maybe they'd now think about the country."
The plan was supported by 60 percent of the House Democrats and 67 percent of House Republicans voted against it.