Stephanopoulos on Congress’ options

From George Stephanopoulos at ABC:

Congressional sources tell ABC News that what they’re talking about right now are three or four basic baskets of options:

# 1 — Muscle Bailout Bill Through House: Some leaders suggest those House Republicans on the fence will be swayed by seeing what the markets do tomorrow, which could be more bad news. The Dow Jones Industrial Average dropped over 700 points today as the administration’s bailout bill failed in Congress This option would see House leaders try again to muscle through the votes they need to get the $700 billion bailout bill passed.

#2 — Pass Bailout in Senate First: Some Senate and House leaders have been talking about letting the Senate go first and pass the bailout package, ABC News has learned. There appears to be broader support in the Senate for the bailout package. This option would see the Senate vote first which would increase the pressure on the House to pass the Bush administration’s bailout bill.

#3 — Make Small Tweaks to the Bill: Congressional leaders wonder if perhaps there are a couple of small tweaks they can make to the package that would bring along the 12 votes they lost the vote by. Option A, sources say, could be adding a line that some economists have said is absolutely necessary for the FDIC to guarantee all deposits in transaction accounts, not just up to $100,000. That would deal with the credit crunch and it would be quite popular, some on Capitol Hill argue. Option B would be eliminating the mark-to-market rule that many Republicans and conservatives complain about, which ensures financial decision-makers must show their losses in real time.

#4 — Get More Democrats On Board: Finally, one other unlikely option talked about on Capitol Hill is to try to pass the bill almost entirely with the Democratic majority in the House. That would require adding a major stimulus package favored by Democrats, infrastructure spending, unemployment insurance spending, and heating and food stamp assistance for low-income Americans.

As an aside, would somebody at ABC please fix your Web site. You changed something months ago and it’s now impossible to copy and excerpt text using short-cuts. Wasn’t this way until just recently.

Follow me on Twitter: @aravosis | @americablog | @americabloggay | Facebook | Instagram | Google+ | LinkedIn. John Aravosis is the Executive Editor of AMERICAblog, which he founded in 2004. He has a joint law degree (JD) and masters in Foreign Service from Georgetown; and has worked in the US Senate, World Bank, Children's Defense Fund, the United Nations Development Programme, and as a stringer for the Economist. He is a frequent TV pundit, having appeared on the O'Reilly Factor, Hardball, World News Tonight, Nightline, AM Joy & Reliable Sources, among others. John lives in Washington, DC. .

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