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Capitol Hill Lawmakers To Hank Paulson: Not A Chance, Buddy!

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You know that plan to rescue Fannie Mae and Freddie Mac that Hank Paulson & Co. have been working on for weeks? Lawmakers today are basically telling him to go back to the drawing board.
Paulson today went before the equivalent of the Special Executions Committee of the US government with the proposal he made Sunday afternoon. Paulson had proposed the Congress give him a blank check, basically letting the Treasury spend as much money as needed to prop up the floundering mortgage giants. Congress, however, jealously protects its spending power and gave Paulson a bipartisan Bronx cheer.
In interviews both the senior Democrat and Republican members of the Senate banking committee slapped down the proposal. "I'm uneasy about giving this blanket authority without having any kind of checks,'' Senate Banking Committee Chairman Christopher Dodd said.
"I've never known Congress"' to give "an open-ended blank check for somebody to fill in," ranking Republican Richard Shelby said.
Damned democratic institutions and their constitutional prerogatives. Always getting in the way of the best laid plans.
U.S. Lawmakers Balk at Paulson's Fannie Mae, Freddie Mac Plan [Bloomberg]