Editorial: Bipartisanship necessary to pull bailout plan out of limbo

‘ ‘ ‘ President George W. Bush met with leading Congressional Republicans and Democrats… ‘ ‘ ‘ President George W. Bush met with leading Congressional Republicans and Democrats yesterday, including presidential candidates Sen. John McCain and Sen. Barack Obama, in hopes that leaders could reach a bipartisan agreement on a bailout plan to help rescue the nation’s struggling economy. ‘ ‘ ‘ At this moment of financial crisis, Democrats and Republicans showed the country’s strength in coming together to try and solve the problem. Bush’s leading of the meeting in a bipartisan fashion was a reassuring sign that party politics would not taint efforts at pulling the nation out of this economic emergency. ‘ ‘ ‘ But while the president hoped that Congressional leaders could reach an agreement on the plan after the meeting, many House Republicans were hesitant. McCain, who put his campaign on hold to deal with the crisis, did not endorse the plan. ‘ ‘ ‘ Chairman of the Senate Banking Committee Sen. Chris Dodd, D ‘- Conn., told The New York Times that the delays made the whole effort seem like ‘a rescue plan for John McCain,’ as opposed to a plan for the U.S. economy. ‘ ‘ ‘ Initially, House and Senate officials announced that they had agreed upon a $700 billion deal, which would allow government intervention to a degree that the United States has never before experienced. The plan would authorize the government to buy bad debt from private firms in an effort to prevent an economic catastrophe. ‘ ‘ ‘ But Republicans soon expressed their concerns that such unprecedented government interference went against the standards of a free market economy. ‘ ‘ ‘ As of press time, they had yet to reach an agreement. ‘ ‘ ‘ While the resolution of this plan is still in question, it is nonetheless reassuring that Congressional officials have finally acknowledged the financial problem and have, at the very least, come so far in finding a solution. Republicans may be taking their time, but their delays are also crucial in eventually developing a plan that both sides can agree on. ‘ ‘ ‘ In particular, Bush, who has usually taken a ‘hands-off’ approach when it comes to the economy, has shown, with his $700 billion bailout plan, a surprising willingness to step outside party lines. ‘ ‘ ‘ His efforts are necessary because the failing state of the economy is partly his fault. The Bush administration has been responsible for cutting regulations, making it difficult for the government to stay informed of the actions of firms. ‘ ‘ ‘ We remain cautious about the success of this deal and hope that the two parties can soon reach an agreement ‘mdash; one that will not only aid in finally ending the financial crisis, but also help unify the country.