OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Discussing McCain's Contribution and GOP Proposal on MSNBC
September 26, 2008

... BURDENING THE AMERICAN TAXPAYER WITH A $700 BILLION ADD-ON TO THE NATIONAL DEBT. >> THANKS, AS ALWAYS. WE APPRECIATE IT. >> THANK YOU. >>> FOR THE OTHER SIDE WE ARE JOINED BY THE MAJORITY LEADER IN CONGRESS, CONGRESSMAN STENY HOW -- STENY HOYER. >> I HAVE BEEN LISTENING TO MIKE PENCE AND HIS COMMENTS ABOUT NEGOTIATING WITH DEMOCRATS. THIS IS A PLAN PUT FORWARD BY PRESIDENT BUSH THROUGH SECRETARY PAULSON WITH BEN BERNANKE, THE CHAIRMAN OF THE FEDERAL RESERVE'S IMPRI MATTER. THIS IS NOT OUR PLAN. WHAT'S HAPPENED IS YOU HAVE A SINCERE, I HOPE, DISAGREEMENT, BUT A DISAGREEMENT BETWEEN THE REPUBLICAN WHITE HOUSE AND THE HOUSE REPUBLICANS THINKING THAT THIS IS A FIGHT BETWEEN DEMOCRATS AND REPUBLICANS, THE REPUBLICANS IN THE SENATE SUPPORTED AN ALTERNATIVE. THE WHITE HOUSE SUPPORTED AND DEMOCRATS IN THE HOUSE AND THE SENATE SUPPORTED IT. IT WAS THE HOUSE REPUBLICANS WHO UNDERMINED MOVING AHEAD WITH CONSENSUS. WE HAVE KEPT IT ON THE TRACK. WE THINK IT'S IMPORTANT TO DO, AND WE'RE CONTINUING TO DO IT, BUT FOR MIKE PENCE TO MAKE SOME SORT OF REPRESENTATION THAT SOMEHOW THIS IS A DISAGREEMENT BETWEEN THE REPUBLICAN HOUSE MEMBERS AND THE DEMOCRATS IS SIMPLY NOT THE FACTS. >> CONGRESSMAN, LET ME CHALLENGE YOU ON THAT. WHY THEN ARE DEMOCRATS WALKING THE PLANK FOR AN ADMINISTRATION-BACKED PLAN LED BY PRESIDENT BUSH. >> WE'RE NOT WALKING THE PLANK AT ALL. THAT PLAN WAS SENT DOWN TO US. WE HAVE MADE SUBSTANTIAL MODIFICATIONS TO THAT PLAN WHICH THE ADMINISTRATION HAS AGREED TO. ONE IS TO HAVE VERY SIGNIFICANT OVERSIGHT. THIS IS AN EXTRAORDINARY EFFORT THAT IS BEING PROPOSED. WE THINK IT NEEDS TO BE VERY CAREFUL OVERSIGHT TO PROTECT THE TAXPAYER. SECONDLY, WE WANT TO PROTECT THE TAXPAYER IN TERMS OF NOT JUST BEING IN A POSITION TO LOSE, BUT ALSO TO GAIN IN TERMS OF EQUITY OR WARRANTS BEING PAID BACK. >> CONGRESSMAN, THE CONSERVATIVES IN THE HOUSE, WE SEE KAY GRANGER IS SPEAKING OVER IN THE GALLERY ALONG WITH A PRESS CONFERENCE, THEY'RE ACTUALLY SAYING RIGHT NOW THAT THEY'RE NOT THE PROBLEMS, THAT THEY'RE NOT THE ONES BLOCKING THIS DEAL. CAN YOU REACT TO THAT? >> SURE. THERE WAS A PRESS CONFERENCE YESTERDAY. THEY WANT TO SAY YESTERDAY DIDN'T HAPPEN. IT WAS JUST ALL A FACADE. ESSENTIALLY, THE AMERICAN PUBLIC UNDERSTANDS WHAT HAPPENED YESTERDAY. YOU HAD A PRESS CONFERENCE WITH CHAIRMAN FRANK, A DEMOCRAT, CHAIRMAN DODD, A DEMOCRAT, SENATOR BENNETT, SENATOR CORKER AND OTHERS, REPUBLICANS, SAYING -- AND SECRETARY PAULSON SAYING ESSENTIALLY THOSE FOUR ACTORS REPRESENTING HOUSE REPUBLICANS -- EXCUSE ME HOUSE DEMOCRATS, SENATE REPUBLICANS, SENATE DEMOCRATS, AND THE WHITE HOUSE WERE ESSENTIALLY VERY CLOSE TO AN AGREEMENT AND CONSENSUS ON A PLAN THAT THE SECRETARY PAULSON SAID WAS CRITICAL TO MOVE FORWARD VERY QUICKLY. THEN WHAT HAPPENED IS THE HOUSE REPUBLICANS, AS YOU JUST HEARD MR. PENCE SAY, PUT A NEW PLAN ON THE TABLE AFTER SIX OR SEVEN DAYS OF VERY, VERY VIGOROUS WORK AROUND THE CLOCK TRYING TO MEET THIS CRITICAL CRISIS. THEY PUT A NEW PLAN ON. WE WERE DOWN AT THE WHITE HOUSE, NORAH, AND IT WAS CLEAR THAT SECRETARY PAULSON DID NOT BELIEVE THEIR PROPOSAL WAS A WORKABLE PROPOSAL. SO THIS IS NOT A QUESTION OF DISAGREEMENT BETWEEN DEMOCRATS AND REPUBLICANS. THIS IS A DISAGREEMENT BETWEEN HOUSE REPUBLICANS AND THEIR PRESIDENT. >> CAN I ASK YOU THEN ABOUT THAT SINCE YOU WERE AT THE WHITE HOUSE. HOW MUCH DID JOHN MCCAIN SAY INSIDE THAT MEETING WITH ALL OF YOU? >> HE DIDN'T SPEAK FOR MORE THAN ONE MINUTE. THERE WAS NO SUBSTANTIVE CONTRIBUTION HE MADE TO THE EFFORT. VERY FRANKLY, BEYOND OBSERVING WHAT HAD ALREADY BEEN DONE AND HIS SOLE CONTRIBUTION WAS HE SAID, WELL, THE REPUBLICANS IN THE HOUSE ARE CERTAINLY ABLE TO TAKE THEIR OWN POSITION. OF COURSE, ALL OF US KNEW THAT. FRANKLY, THERE'S A BIG SUSPICION THAT THIS WAS A POLITICAL OPPORTUNITY THEY FELT TO BRING JOHN MCCAIN SOMEHOW INTO THIS PROCESS. HE'S NOT HERE. HE'S NOT PART OF THE NEGOTIATION. HAS NOT BEEN PART OF THE NEGOTIATION AND VERY FRANKLY, WITH OR WITHOUT JOHN MCCAIN, HOPEFULLY WE'RE GOING TO MAKE PROGRESS, BUT HE'S NOT GOING TO BE THE ONE WHO WAS RESPONSIBLE FOR IT. SENATOR OBAMA WAS THERE. HE MADE A VERY SUBSTANTIVE CONTRIBUTION. I THINK IF YOU ASK THE REPUBLICAN MEMBERS, THEY WOULD SAY THE SAME. >> LET ME ASK YOU ON THIS SUBSTANCE OF WHAT MANY OF YOU HOUSE DEMOCRATS ARE GETTING BEHIND, WHICH IS THIS ADMINISTRATION'S PROPOSAL, LET ME ASK YOU ABOUT THE SUBSTANCE OF WHY THESE HOUSE REPUBLICANS DISAGREE WITH IT. THEY SAY THE GOVERNMENT IS ERIC CANTOR HAS SAID THESE TAXPAYERS WILL BUY UP THESE EXOTIC SLICED AND DICED MORTGAGE-BACKED SECURITIES THAT ARE REALLY WORTH ALMOST NOTHING AND WE SHOULDN'T BE DOING THAT WITH TAXPAYER MONEY, AND INSTEAD HE SAID WHAT WE SHOULD BE DOING IS SETTING UP AN INSURANCE PROGRAM FOR OTHER ...