(Washington D.C.) Ucs News- Just hours after a bipartisan coalition announced a tentative deal with President Bush and Henry Paulson, Arizona Senator John McCain bullied his way into the negotiations and scuttled the deal. Stunned Democrats stood aside as House Republicans then brawled accusing each other of caving in to the President and Democrats. According to President Bush “This is a disaster no question about it.”
“If money isn’t loosened up, this sucker could go down,” President Bush declared Thursday as he watched the $700 billion bailout package fall apart before his eyes, according to one person in the room. The President was ashen faced as Republican John Boehner, with McCains backing blasted the Presidents plan calling Mr. Bush and Secretary Paulson “robber barons intent on ripping off the American Tax payers.”
It was an implosion that spilled out from behind closed doors into public view in a way rarely seen in Washington. The talks broke up in angry recriminations, according to accounts provided by a participant and others who were briefed on the session, and were followed by dueling news conferences and interviews rife with partisan finger-pointing.
By 10:30 p.m., after another round of talks, Congressional negotiators gave up for the night and said they would try again on Friday. Left uncertain was the fate of the bailout, which the White House says is urgently needed to fix broken financial and credit markets.