Toxic Legislation for Toxic Debt

The bailout plan could be death for incumbents.


It is clear to me that Republicans in Congress are very mindful of what happened to Democrats who voted for President Clinton's 1993 tax and budget proposal. They got wiped out in the 1994 midterm elections. On Monday, there were 150 or more GOP-ers in the House ready to vote for the bailout. But a week of no financial Armageddon and lots of angry constituent feedback mean now there are maybe 50 ready to agree to the evolving Paulson plan.

government intervention
Republican Party

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