Economy & Budget

John McCain did not speak for more than a minute during yesterday's White House negotiations, House Majority Leader Steny Hoyer (D-Md.) said Friday afternoon.

"There was no substantive contribution he made to the effort, quite frankly," Hoyer told MSNBC's Norah O'Donnell. "He didn't speak for more than one minute."

Hoyer said that McCain's insertion into the process only delayed agreement, and echoed claims made by other Democrats in the media Friday that Barack Obama can claim more credit for any agreement.

"There's a big suspicion that this was a political opportunity," Hoyer said of McCain while disputing Republican claims that House Democrats are the ones blocking an agreement on legislation assisting the U.S. financial industry.

Hoyer also said Treasury Secretary Henry Paulson indicated the Republicans' plan, which focuses on insuring bad assets, was "not workable."

-Michael O'Brien

The lead negotiator for House Republicans, who have stalled negotiations over a Wall Street bailout deal, says he hopes a deal can be reached over the weekend.

"Our staff's working right now...hopefully to get some agreement this weekend on the best possible framework," Blunt told MSNBC's Andrea Mitchell this afternoon.

House Republicans are the lone faction opposing current proposals for a bailout package, as high-level negotiations take place between lawmakers from both parties in the House and Senate.

"We won't have a second bite at this particular apple, and we need to make sure the first one gets it right," Blunt said, saying the House GOP favored greater guarantees for taxpayers to make money in the eventual deal.

Blunt also praised John McCain's trip to Washington as "very helpful," saying that House Republicans were "pleased" to see McCain suspend his campaign and return to the Capitol Thursday and Friday.

-Chris Good, Michael O'Brien

Republicans are going into negotiations with Democrats over a bailout package with every intention of reaching a deal, House Minority Whip Roy Blunt (R-Mo.) said Friday.

"We're going to negotiate seriously," Blunt told reporters before a vote. Blunt was appointed the principal representative for House Republicans in negotiations over legislation providing assistance to the U.S. financial industry.

"We need to act quickly an protect the American taxpayer first and foremost," said House Minority Leader John Boehner (R-Ohio), who said that the American economy is "on the edge of an economic crisis."

Boehner said the House Republicans' demands shouldn't have come as a surprise to House Speaker Nancy Pelosi (D-Calif.), Treasury Secretary Henry Paulson, and President George Bush.

Democrats have the votes to pass the legislation, Blunt alleged, but said they would have to negotiate with the House GOP if they wanted Republican support. "If they want to do this by themselves, they can do this by themselves any minute they want to," Blunt said. "If they want to do it with us, we're eager to negotiate."

-Michael O'Brien

Barack Obama today suggested it is best for him and John McCain to hold their debate tonight as scheduled, rather than inject presidential politics into Wall Street bailout negotiations.

A large majority of House Republicans cannot and will not support Treasury Secretary Henry Paulson's plan unless House Democrats give Republicans' proposals "serious consideration," House Minority Leader John Boehner (R-Ohio) wrote in a letter to House Speaker Nancy Pelosi (D-Calif.) Friday.

Boehner said that previous negotiations had failed to take into account House Republicans' views without addressing Boehner's concerns. "Chairman Frank and Chairman Dodd...announced that a bipartisan deal was at hand even though the reservations about the underlying proposal I had expressed to you had not been addressed," Boehner wrote.

Though the GOP leader indicated his caucus is prepared to stay in Washington to work on an agreement, but asked Pelosi to give consideration to their counterproposal, which focuses on insuring toxic assets and raising private capital instead of using government funds. Boehner has asked Rep. Eric Cantor (R-Va.) to convene a "working group" within the Republican caucus to refine the proposal.

"We owe it to all those with a stake in this process to continue our discussions until we arrive at an agreement that is acceptable on both sides of the aisle," Boehner wrote to Pelosi. "That is why I ask you and your Democratic colleagues to give the House Republican working group

House Republican Whip Roy Blunt (R-Mo.) will represent House Republicans in ongoing bipartisan discussions today on the financial crisis, Minority Leader John Boehner (R-Ohio) said today.

House Democrats, Senate Democrats, and Senate Republicans are on board with plan, Senate Majority Leader Harry Reid said earlier today. House Republicans have yet to sign onto the legislation negotiated yesterday, and have since offered their own, alternative plan.

Boehner left the White House meeting early last night and says the group continues to

John McCain will no longer be the guest on tonight's "Late Show With David Letterman," thanks to today's suspension of campaign activities in order to focus on legislation assisting the financial industry.

The show's website no longer lists McCain as a guest. Instead, MSNBC commentator and host Keith Olbermann, known for his biting criticism of McCain and other Republicans, will be the lead guest.

Just last night, Letterman's late night colleague Conan O'Brien joked that someone like McCain would want to appear on Olbermann's MSNBC if he wanted to be "attacked by an extremist in an unfair environment."

-Michael O'Brien

Republican vice presidential nominee Sarah Palin said if Congress fails take action to fix the financial crisis plaguing Wall Street, the U.S. could be in for another Great Depression.

President Bush, joined by leaders from throughout the hemisphere, on Wednesday touted the benefits of free trade and announced the formation of a new initiative to promote cooperation between the countries.

The

A quarter-century old ban on offshore drilling in the United States will be left to expire, as Democrats appear ready to let the Congress go to recess absent a vote.

A provision continuing the ban will be left out of an omnibus spending bill Rep. David Obey (D-Wis.)