According to Reuters, a small group of conservative House Republicans has drafted an alternate bailout plan, which they propose instead of the Bush Administration's $700 billion bailout. As summarized by Reuters, the one-page plan would focus on mortgage insurance to be sold by the US Treasury. The plan also "... called for temporary tax cuts and regulatory relief for businesses. In addition, financial institutions participating in the proposed program would have to disclose more about their mortgage asset holdings. "
It is not enough that McCain's grandstanding and interference appear to have helped tank a bipartisan adaptation of the Paulson proposal. Leave it to conservative Republicans to respond to a situation created by lack of regulation by pressing for regulatory relief.
While many news sources have not described McCain as supporting the House Republicans' plan, the Reuters report quotes Henry Waxman as saying that it "seems like (McCain) embraced Jeb Hensarling's position ... It's a completely different approach," Waxman said. "It's hard to imagine where we go from here."