McCain's reluctance to jump on board the bailout agreement could throw the entire week-long negotiation into a tailspin. Sen. Chris Dodd, after leaving the White House, suggested on CNN that the tenuous process could be derailed by what he viewed as McCain's political motives.
"What happened here, basically, if you want an honest appraisal of the thing, we have been spending a lot of time and I am tired. I have spent almost seven straight days at this in trying to come out with a workout plan for our economy a rescue plan," said Dodd. "What this looked like to me was a rescue plan for John McCain for two hours and took us away from the work we are trying to do today. Serious people trying to do serious work to come up with an answer."
According to the source with knowledge of the White House gathering -- which featured both presidential candidates, congressional leaders and the President -- virtually ever key figure in the room, save McCain and GOP Sen. Richard Shelby, were in agreement over a revised version of Treasury Secretary Hank Paulson's plan.
Towards the end, McCain finally spoke up, mentioning a counter-proposal that had been offered by some conservative House Republicans, which would suspend the capital gains tax for two years and provide tax incentives to encourage firms that buy up bad debt. McCain did not discuss specifics of the plan, though, and was non-committal about supporting it.
Paulson, however, argued directly against the conservative proposal. "He said that he did not think it would work," according to the source. At another point in the meeting, President Bush chimed in, "If money isn't loosened, this sucker could go down" -- and by sucker he meant economy.
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