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The Democratic Strategist

Political Strategy for a Permanent Democratic Majority

More Chaos

Well, it’s basically Close of Business in the eastern time zone, and if anyone has a clear idea of what’s going on in Washington, they’re keeping it to themselves.
Yes, there was an “agreement in principle” involving senior members of the House and Senate banking committees that appears to cover a lot of the demands Democrats have been making for changes in the Paulson Plan, including a “‘phased” approach to distributing bailout money.
But now the crafters of that agreement must go into negotiations with Paulson himself. And in the meantime, House Republicans are threatening a revolt against the basic principle of government purchases of bad securities.
And it’s totally unclear what, if anything, of substance came out of the “summit” that John McCain demanded with Bush, which Obama reluctantly attended. And it’s also unclear whether McCain, having inserted himself into the middle of this delicate process, is planning to help herd Republicans along or blow the whole thing up so he can claim to put it back together again.
Nobody knows, either, whether McCain is going to show up at tomorrow night’s debate, though he is planning all sorts of media appearances.
I’ll write more when there’s more to write about. It’s a day as mysterious as yesterday was weird.

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