Reid: Congress will stay ‘as long as it takes’

Congress will “stay in session as long as it takes” to finish a package meant to address the financial crisis, Senate Majority Leader Harry Reid (D-Nev.) told reporters on Friday.

Reid blasted GOP presidential candidate John McCain for inserting presidential politics into the delicate negotiations and said “the time is now” for House Republicans to come back to the negotiating table.

{mosads}“The insertion of presidential politics has not been helpful,” Reid said at a morning news conference where he again attacked the Arizona senator for interfering with a legislative process that was progressing.

Reid said that McCain has not contributed anything to the discussions over the bailout.

“All he’s done is stand in front of the cameras,” he said. “We don’t know where he stands on the issue.”

Reid also vowed to keep the Senate in session until the financial rescue package is complete.

“We’re going to get this done and stay in session as long as it takes to get it done,” he said.

Minority Leader John Boehner (R-Ohio) asked Speaker Nancy Pelosi (D-Calif.) in a letter Friday to give a House Republican proposal “serious consideration” because his conference would not support the current plan on the table.

“If such consideration is not given, a large majority of House Republicans cannot – and will not-support Sec. Paulson’s plan,” he wrote. “In the interest of the men and women we represent in Congress, I hope it does not come to that conclusion.”

Boehner explained that the working group he appointed “with [Pelosi’s] knowledge” led by Republican Chief Deputy Whip Eric Cantor (R-Va.) represented a broad base of their membership and that their goal was to craft  “ideas worthy of support on both sides of the aisle.”

Boehner expressed frustration that Financial Services Chairman Barney Frank (D-Mass.) and Senate Banking Chairman Chris Dodd (D-Conn.) had made announcements that a deal was close when House Republicans had not agreed to the conditions.

“Each time such announcements were made, or even rumored, I or my staff made it clear to the media and your staff that any such deal did not include House Republicans,” he wrote.

Boehner’s staff on Friday told reporters that Rep. Spencer Bachus (Ala.) , the ranking Republican on the Financial Services Committee, lacked the authority to negotiate for Republicans, although he attended the meetings as the conference's sole representative.

Boehner announced Friday that he will rely on Minority Whip Roy Blunt (R-Mo.) to lead negotiations for House GOPers going forward.

“As bipartisan economic talks continue today, I have asked [Blunt] to represent the interests of House Republicans during the discussions,” Boehner said in a statement. “House Republicans continue to support a plan that will protect the interests of families, seniors, small businesses, and taxpayers.”

Rep. Paul Ryan (R-Wis.) one of three lawmakers leading a House Republican working group charged by leadership with coming up with a new plan, expressed some optimism.

“We’re not a stick in the mud, we’re not drawing a line in the sand, but we want something that works,” Ryan said.

House Republicans are the biggest opponents of the White House’s plan to rescue troubled banks and financial institutions. The plan would give the Treasury Department authority to purchase from banks up to $700 billion in troubled assets seen as clogging financial markets, creating a credit crunch.

Republican members could be seen coming in and out of Boehner’s second-floor office on Friday morning. GOP leaders met with McCain but would not say whether he would endorse the plan.

Cantor and GOP Conference Chairman Adam Putnam (Fla.) were swarmed with reporters as they traveled through the halls of the Capitol but would only say that they were continuing to reach out to Democrats and that they were in constant communication with the McCain campaign and White House.

Asked whether McCain had endorsed the plan, Cantor said, "I can't speak for Sen. McCain."

Congress was scheduled to adjourn on Friday for the fall elections, but it is now unclear when members will leave Washington.

Democratic leaders said they are frustrated and confused about who they should be negotiating with. They continue to say Pelosi will not bring any bailout bill to the floor without substantial support from Republicans.

Many members take that to mean that a majority of both the Democratic caucus and Republican conference must agree to join in the political peril of supporting a plan that appears unpopular.

“There’s no shortcut here. House Republicans are going to have to be supportive of this bill,” Frank said. “It could not be done [otherwise]. There are not enough Democratic votes.”

Mike Soraghan and Jared Allen contributed to this article.

This article was updated at 12:10 p.m.