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Conservatives: ‘Take a breath’ before bailout

WASHINGTON (CNN) — House conservatives urged Congress on Tuesday to "take a breath" and consider other alternatives before rushing to pass a $700 billion plan to bail out Wall Street, a measure the White House says must pass by the end of the week.

Rep. Mike Pence says Congress should look at free-market options before passing a $700 billion bailout.

"I must tell you, there are those in the public debate who have said that we must act now. The last time I heard that, I was on a used-car lot," said Rep. Mike Pence, R-Indiana. "The truth is, every time somebody tells you that you’ve got to do the deal right now, it usually means they’re going to get the better part of the deal."

Congress is rushing to finalize legislation that would authorize Treasury Secretary Henry Paulson to buy up to $700 billion worth of mortgage-related securities and other assets that are dragging down Wall Street institutions and freezing up credit markets.

When Paulson and Federal Reserve Chairman Ben Bernanke proposed the bailout last week, congressional leaders gave initial support for the measure and said they would work to pass it quickly.

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Watch Bernanke call for urgent action »

But after the Treasury proposal arrived on Capitol Hill last weekend, lawmakers vowed to modify the plan.

The changes being floated include adding oversight of the program by an independent board, helping homeowners who are facing foreclosure, allowing the government to take an equity stake in the companies it helps, and limiting the CEO pay of companies that are aided by the bailout to the $400,000 salary of the top elected official in the land: the president.

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An aide to Rep. Barney Frank, the chairman of the House Financial Services Committee, said negotiators had agreement on an oversight board and some form of help for homeowners facing foreclosure. The aide said the negotiators were "not there yet" on whether the government could take a stake in the companies it help.

Watch Paulson call for bipartisan action »

CEOs of companies aided by the taxpayers could continue to bring down multimillion-dollar salaries, and that has sparked widespread anger on Capitol Hill. House Speaker Nancy Pelosi said that if the bailout passes, "the party is over" for the companies that it helps.

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(Reuters)
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