Slaughter Cuts Down Bush Bailout Plan BUFFALO (wned) - The Bush Administration plan to pour up to $700-billion into financial markets is hitting strong resistance in Congress.

Congresswoman Louise Slaughter says the economy right now is reminiscent of President Hoover's time and the onset of the Great Depression.
As Chair of the House Rules Committee, the Rochester Democrat will have an ample say in what any bailout package may look like. Slaughter would prefer to see the package developed incrementally with an initial installment of $200-billion.

Plus, any package would come with significant oversight.

"They're going to be regulated to their backteeth," said Slaughter.

Slaughter says the fiscal crunch is hitting every area of the economy since credit markets are locked up. Though many observers say now isn't the time to point fingers, she's quick to aim blame right at the White House.

"They were the de-regulators. They came into office saying 'remember Reagan saying government isn't the solution, it's the problem?' Well, who's the solution now!" said Slaughter.

"All they did was de-regulate, so that everybody could do as they please. If I heard one , I heard a hundred say, 'get out of the way and business will be fine.' Well, the heck it will!" © Copyright 2009, wned