Weakened Bush pleads for economic rescue
Published: Tuesday September 30, 2008
AFP

US President George W. Bush on Tuesday pursued his two-week blitz on behalf of an economic rescue package, a thus-far failed effort showing his lack of clout five weeks before voters pick his successor.

"He has no political capital. If the banks have no capital, then neither does George W. Bush. And I don't think there's a rescue plan for him," said Eric Davis, a political scientist at Middlebury College in Vermont.

Offering fresh warnings but no specific news ideas in public, Bush pleaded Tuesday with lawmakers opposed to the Wall Street bailout, particularly fellow Republicans, to accept that government inaction will only deepen the crisis.

"The reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act," said Bush, who has delivered similar written, televised and radio appeals for 12 of the past 13 days.

He has used formal, prime-time speeches to the nation; written statements; his address to the UN General Assembly; joint public appearances at one-on-one meetings with world leaders; and even an unprecedented White House crisis summit with congressional leaders and both major contenders to succeed him.

Bush has wooed reluctant lawmakers by telephone, while top economic aides such as Treasury Secretary Henry Paulson and political advisers like Vice President **** Cheney and White House chief of staff Josh Bolten have called and reached out in person as part of an all-out campaign.

But on Monday, the House of Representatives voted 228-205 to reject plans to pump as much as 700 billion dollars to save troubled banks, with 133 of Bush's Republicans joining 95 Democrats in voting no.

"I'm disappointed by the outcome, but I assure our citizens and citizens around the world that this is not the end of the legislative process," Bush vowed Tuesday in remarks from the White House's diplomatic reception room.

While the US president's ability to influence national dialogue is typically his most potent weapon, "Bush has no 'bully pulpit,'" said Davis, because the country, and lawmakers, are looking to the November 4 election.

"Everyone in Washington is looking beyond Bush to John McCain and Barack Obama," the Republican and Democratic White House rivals, said Davis, who noted weak public support for the plan.

White House officials are quick to point out that Bush could hardly be expected to bring along the Democratic base, and argue that top-level support from all sides has not broken the logjam.

"There has always been far too much made of any one president's powers of persuasion on an issue," said spokesman Tony Fratto.

But the bill's failure raised fresh questions about his clout with his Republican base.

Conservative Republican lawmakers resent the White House "holding a gun to their head" by exploiting the crisis as leverage to win votes, aide to one of those lawmakers told AFP on condition of anonymity.

"Congress was not about to support a flawed piece of legislation that'd they'd have to defend long after the president has rode off into the stars of Texas," his adoptive home state, the aide said.

Bush on Tuesday tried to tackle some of his base's objections, saying the rescue plan was not that expensive when compared to a 1.2 trillion dollar stock market drop after Monday's vote and saying there is no free-market solution.

"Our country is not facing a choice between government action and the smooth functioning of the free market. We're facing a choice between action and the real prospect of economic hardship for millions of Americans," he warned.

And he said the blueprint, under which the US government would buy troubled assets and resell them later, could recoup all of its funds if and when those assets regain value.

Bush vowed to push to get legislation moving again when Congress reconvenes Thursday after the Jewish holiday, Rosh Hashanah, and predicted: "I'm confident we'll deliver."

I was watching international news and discovered that several other governments are DEMANDING that our President push the bail out through...

Their banks are expecting to get some of it.

People this bailout is much more then we are being told.

Its true purposes are being concealed by the smoke screen of '401k failures', 'payroll failures' and such oh please panic for us so we can fleece you.

Steve Winn... A business person I respect for the most part, has come out heavly against this.

I know he has taken terrible losses (He owns lots of Las Vegas) yet he has come out against the bill that would protect his assets.

Perhaps some on Wall Street should follow his example.