House Republicans warned Treasury Secretary Henry Paulson today that his $700 billion financial rescue plan wouldn't pass and asked for more time to consider alternative ideas, a lawmaker said.
``The $700 billion bill is simply not going to pass, and they recognize that,'' Representative Ray LaHood of Illinois said after Republicans met with Paulson behind closed doors at the U.S. Capitol today. ``Now it is up to Congress.''
Paulson and Federal Reserve Chairman Ben S. Bernanke asked lawmakers to come together quickly behind the proposal to help soothe financial markets and bolster the slowing economy, lawmakers who attended the meeting said.
They were met with requests for more time so other ideas could be examined, lawmakers said.
Both Paulson and Bernanke showed some willingness to compromise after Republicans made clear ``we are not going to have this thing jammed down our throat,'' LaHood said.
``The door has been opened for us to make an offer and for those guys to see where it goes,'' LaHood said. Paulson, he said, told lawmakers, ``If you don't like our plan, we're willing to talk a bit.''
After the meeting, House Republican Leader John Boehner said for the first time he would endorse limits on executive compensation for financial institutions that benefit from the Treasury plan to purchase their troubled assets. Democrats are working to include such limits in a final agreement between Congress and the administration.
``I think dealing with the issue of executive compensation is an important issue,'' Boehner said. ``I think there is a reasonable way and a responsible way to do that.''
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