Former House Speaker Newt Gingrich called the Bush administration’s $700 billion bailout plan a “dead loser” and predicted that any lawmaker who backs it will face defeat in November.
Speaking to reporters on Tuesday, Gingrich said he believes Treasury Secretary Henry Paulson is attempting to frighten legislators into backing the bailout package quickly and without careful study.
“I think what Paulson hopes to do is say, ‘If you don’t do exactly what I want you to do, the whole world’s going to collapse,’” he said.
Gingrich said he opposes the bailout plan because of its lack of specifics and the huge amount of money it gives to the federal bureaucracy, The Hill newspaper reports.
He also opined that if the plan passes, its flaws will be apparent by November and voters will “break against anyone who votes for it.”
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