John McCain arrived on Capitol Hill early Thursday afternoon just as a bipartisan group of senators and representatives were announcing they had reached an agreement on the broad outlines of a bill to bail out Wall Street. For a moment, as the press conference broke up, members of the media traveling with McCain mingled with reporters covering the Hill. "Wait, there's a deal?" one surprised McCain reporter asked his congressional colleague.
That one question summed up the confused state of a high-stakes day in the nation's capital that only got more confusing as the hours passed. For a few hours, it looked as if McCain, who came to Washington with the stated goal of helping to hammer out a final deal, had shown up just minutes too late to speed along the once-stalled negotiations. Then McCain, his Democratic rival Barack Obama and congressional leaders from both parties went to the White House for what some billed as a photo-op, a public showing of bipartisan support for a piece of legislation that Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and the President himself have called absolutely vital to preventing economic collapse. Reporters waited and waited on the rainy White House driveway expecting to hear from the two candidates, only to be informed by Senator Richard Shelby, the top Republican on the Senate Banking Committee, that there was no deal.
With the fate of the bailout bill in peril, it's not clear whether the presence of the presidential candidates is doing more damage than good. Members of both parties emerged from that meeting accusing each other of playing politics with the crucial legislation. Both sides to some degree are right. Less than 40 days from the presidential election, this crisis has been anything but the shining moment where candidates transcend politics and come together for the good of the country - as McCain suggested it should be when he suspended his campaign and asked to postpone Friday's debate until a deal could be worked out.
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So what caused the breakdown of a $700 billion rescue package that at one point seemed to have been amended to everyone's liking - with limits on executive compensation, more protections for taxpayers and homeowners, and additional oversight of the buying and selling of Wall Street's toxic mortgage-backed securities? . . . .