While Rome burns

Slate has a story by Daniel Politi of the 'huffing and puffing' in Congress over the bailout package:

The Los Angeles Times, New York Times, and USA Today lead with the continuing bailout politics as the Bush administration sent some of its top officials to Capitol Hill yesterday in an effort to convince lawmakers they need to pass the $700 billion plan as soon as possible. Instead of falling in line as many had expected, congressional opposition to the bailout seems to be growing every day. The men of the hour, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson, appeared before the Senate Banking Committee to push lawmakers toward action. In what was perhaps his "darkest economic assessment" since becoming chairman, Bernanke warned that the current crisis is unlike anything the country has ever seen and failing to approve the bailout would have "significant adverse consequences for the average person." Despite these dire predictions, congressional opposition, particularly from Republicans in the House, was so strong that by last night "it was no longer certain that a version of the Paulson-Bernanke plan could win passage".
Vice President Dick Cheney was dispatched along with a few top White House officials yesterday morning to meet with House Republicans and try to convince them to approve the bailout plan as quickly as possible. But the closed-door session appeared to do little to sway lawmakers that the economy is doomed if a bailout doesn't pass. "Just because God created the world in seven days doesn't mean we have to pass this bill in seven days," Representative Joe Barton, a Republican from Texas, said after the meeting.
Democrats warned they would not move forward with such a massive plan unless they had significant Republican support. Democrats are now particularly worried that a lack of support from GOP lawmakers "could leave them in an undesired alliance with the Bush administration." None of the papers spell it out, but it seems clear that Democrats are worried this is part of a Republican strategy to distance themselves from the bailout to then turn around and use its passage against Democrats in the upcoming elections.
While Paulson and Bernanke insist the massive bailout is the only way to save the economy from Armageddon, other experts disagree and say there are several other ways the government could get involved without risking so much taxpayer money. The government could, for example, simply lend money to troubled banks or concentrate on preventing foreclosures. Alternatively, some think the government could stimulate Wall Street by repealing the capital gains tax for two years.
Much has been said in the past few days about how to rescue the financial system, but no one has uttered two crucial words: "We're sorry." These two words "have been conspicuously absent" from the debate, and they're precisely what Americans need to hear. "Until Wall Street can muster the decency, the humility and the good sense to acknowledge its colossal screw-up," writes Pearlstein, "it shouldn't be surprising that Americans are balking at writing the check."

Rico says if they don't pass it, what then? If we have another Depression as a result, the voters will not treat any of them kindly come November...