Credit to Reid
Two days after a Wall Street bailout bill crashed and burned in the House, the Senate easily approved a new version of the proposal Wednesday night, adding enough new “sweeteners” to lead proponents to predict it would sail through the lower chamber today.
And much of the credit for this action goes to Senate Majority Leader Harry Reid.
The Senate voted 74-25 — with both Nevada senators in the affirmative — to spend $700 billion to shore up the nation’s financial system by allowing the government to buy bad assets from troubled banks.
Whether it will work is anybody’s guess — the new bill predictably was larded up with tax breaks and other goodies — but supporters insisted the plan will send a positive message to consumers and the markets.
Monday’s vote in the House had been marked by partisan bickering and the bungling of House Speaker Nancy Pelosi, who seemed more intent advancing her party’s cause in the November elections that getting something done in the best interest of the country.
Harry Reid took a more statesmanlike approach.
Without pointing fingers, Sen. Reid reached across the aisle to work with Minority Leader Mitch McConnell, R-Ky., which produced a package that garnered majority support and many expect will win approval when the House again takes up the matter today.
“Inaction is not an option,” said Sen. Reid. “This is — I repeat — a crisis. … We’ve got to get this done.”
He got it done. And in doing so, Sen. Reid stepped forward to exhibit a trait that has become all too rare in Washington these days: real leadership.