Bailout rejected by GOP, leaves Bush trying to “Out-Roosevelt” Dems

As a result of the House Republicans’ refusal to get on board with an economic bailout package this afternoon, it’s back to the drawing board for the White House and divided U.S. lawmakers — including the Colorado delegation.

Speaking on National Public Radio (NPR), Robert Kuttner, author of “Obama’s Challenge: America’s Economic Crisis and the Power of a Transformative Presidency,” who spoke in Denver during the August Democratic National Convention, predicted this latest turn will result in the Bush administration trying to “out-Roosevelt the Democrats,” with a solution of New Deal proportions aimed at helping Main Street as much as Wall Street.

The widely unpopular and massive bailout proposal in this election year is pitting lawmakers’ desire to heed the wishes of their constituents against concern over a plummeting stock market and dire warnings of a financial “Pearl Harbor,” according to the broadcast.

In contrast to the historical rhetoric, members of Colorado’s congressional delegation broke their traditional party lines, with Democratic representatives Diana DeGette, Ed Perlmutter, a member of the House Financial Services Committee and Republican Rep. Tom Tancredo voting “Aye” on the bailout proposal, while Republican representatives Doug Lamborn and Marilyn Musgrave and Democratic representatives Mark Udall and John Salazar voted “Nay.”

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J.C. O'Connell

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