A late-night emergency session of the committee trying to negotiate a solution to the liquidity problem plaguing the economy came to a crashing halt tonight. With John McCain back in DC, the House Republican caucus has rebeled against the President and McCain. At this meeting tonight, the House Republicans sent a representative unauthorized to negotiate to the meeting (Spencer Bacchus) with a one-sheet whitepaper of “principles and general ideals” that included a Capital Gains tax-cut, increased banking deregulations and mortgage insurance that Henry Paulson has already stated to be a non-starter.
The meeting has fallen completely apart, there is another tomorrow at 11:30am ET which will not include House Republicans, and will therefore have no impact whatsoever.
CNN and MSNBC provided breaking coverage of the detonation of the talks, FOX is rerunning footage of McCain and Bill Clinton together at the Clinton Foundation.