The American public roared Monday, and a clear majority of the rank-and-file members of the House of Representatives got the message. Now, it’s time for the congressional leadership of both parties in both chambers, as well as the Bush administration, to drop the spin and start listening closely to the public. The House majority Monday took a stand based on basic economic principles, and, with the Paulson-Dodd-Pelosi compromise left in the rubble, leaders from all sides would do well to focus on those principles as their starting point in crafting a new plan.
And, as they do so, they should also heed some crucial lessons from this first attempt to address the nation’s credit crisis. First, there is no substitute for humility in public service. Treasury Secretary Henry Paulson’s initial proposal that he be given virtually unquestioned authority to spend $700 billion put the plan two strikes in the hole from the outset. The second lesson — people are sick of 24/7 partisan spin as a substitute for concrete action — came as House Speaker Nancy Pelosi added the third strike, with her Sunday comment calling House Republicans “unpatriotic,” then Monday delivering a downright nasty, hyperdivisive speech on the House floor.
Some Republican leaders looked no better as they blamed the bill’s failure solely on Pelosi’s speech, as if GOP members voted “no” merely out of hurt feelings. Sen. John McCain jumped in with a statement blaming Barack Obama, when what was needed was reassurance to calm the jittery markets by offering confidence that Congress will ultimately find a solution.
Finally, Paulson made matters still worse by all but calling on the House to revote on almost the exact same plan that lost Monday. Paulson just doesn’t understand that it was the plan itself that generated opposition from 60-plus percent of the public, who jammed Capitol Hill switchboards and servers with demands for a “no” vote.
The bottom line is our political leaders now must put politics aside and move while there is yet time to avoid far more serious economic consequences. There is a wealth of additional ideas for ameliorating the crisis, including several that do not necessarily trip ideological wires on either side of the political aisle.
What’s important is that the American people overwhelming rejected the Paulson approach, just as this summer they overwhelmingly rejected the decades-long offshore drilling ban — and that, miracle of miracles, Congress actually listened both times. Americans are angry at the politics as usual of government of, by and for entrenched incumbents. If Monday’s events helped bury those old-style politics, it will have been worth the risk.
