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Saturday morning’s radio addresses presented the rarest of circumstances: President Bush and House Majority Leader Steny Hoyer united in promoting the administration's $700 billion financial bailout plan. Bush and Rep. Hoyer (D-Md.) spoke separately but delivered much the same message, as both sought to ease anxiety and congressional opposition to the Wall Street rescue bill being debated on Capitol Hill. Negotiators from both parties and the administration are meeting throughout the weekend to stitch together an agreement, with an announcement possible before Monday — although an actual vote on approval is unlikely until at least Wednesday due to the Jewish holidays. Bush, in his address, hoped to calm concerns over the price tag of the measure, noting that the value of the mortgage-related assets, which the government would buy to stimulate the financial markets, has dropped sharply and is likely to rise once the crisis ends. That means the government could profit, he indicated. “Many of the assets the government would buy are likely to go up in price over time,” Bush said. “This means that the government will be able to recoup much, if not all, of the original expenditure.” Hoyer, delivering the Democratic response, called the current crisis “the worst financial meltdown of our lifetime,” adding that “the jobs, retirement savings and economic futures of millions of Americans are on the line. “If we fail, every American could be adversely affected,” Hoyer said. “More homes may be foreclosed on. Banks may lack the money they need to lend. And credit -- the lifeblood of any economy -- might dry up. That means families would be unable to take out a loan, buy an appliance, or send a child to college. It means businesses shrinking or closing all over our country. It means workers losing their jobs, on top of the more than 600,000 jobs lost this year.” House Republicans have emerged as a key opposition bloc during the talks, threatening the measure’s overall chances. Minority Leader John Boehner (R-Ohio) relented somewhat on Friday and sent Minority Whip Roy Blunt (R-Mo.) to participate in negotiations, but the group’s opposition remains, and a deal still appears to be elusive. Neither Bush nor Hoyer directly addressed House GOP members, but their message was clear: The plan is critical to the financial health of all Americans. “If it were possible to let every irresponsible firm on Wall Street fail without affecting you and your family, I would do it. But that is not possible,” Bush said. “The failure of the financial system would mean financial hardship for many of you.” Hoyer stated that Congress and the administration can prevent a meltdown but that unity is needed. “We can prevent that awful outcome, but only by joining together to forge a solution,” he said. While carrying the same message to the American people, Hoyer also took shots at Bush, assailing the president’s economic policies while promoting the plans of Democratic presidential nominee Sen. Barack Obama (Ill.). |
