McCain supports Obama's planned exec pay cuts

Senate reaction to an Obama administration plan to restrict executive pay at seven companies that received billions in public bailout money mostly broke along party lines Thursday, with one notable exception — Sen. John McCain (R-Ariz.), Obama’s 2008 rival for the presidency, told The Hill he supported the administration.

The administration's "pay czar," Kenneth Feinberg, plans to cap a months-long review process by announcing the cuts — along with new restrictions on corporate luxuries such as use of private jets, chauffers and even country club membership — at five financial firms and two auto companies. The seven companies are AIG, Bank of America, Chrysler, Chrysler Financial, Citigroup, General Motors and GMAC.

McCain's response: “I have no problem with greed being curtailed."

Most Republicans said just the opposite.

“I have a visceral reaction against so much government involvement in free enterprise,” said Senate Republican Conference Chairman Lamar Alexander (Tenn.)

“It’s a bad precedent,” said Sen. Pat Roberts (Kan.). “You have government determining the pay of a company that may be in the business of trying to get the best employees they can to save the company. It’s very competitive out there. I’m not waving flags for people to get excessive pay or golden parachutes — what I object to is the government making that decision.”