SUNDAY ROUNDUP

Congress should think twice before assenting to Secretary Treasury Henry Paulson’s $700 billion Wall Street bailout plan, liberal and conservative bloggers agree, while Barack Obama earns praise from the left for voicing opposition to the deal.

Paulson is trying to pressure Congress into bailing out Wall Street without appropriate penalties, J Ro alleges at MyDD. Paulson said America needs Washington’s agreement on a bailout plan “to be clean and quick,” and J Ro argues that Paulson’s plan would shelter Wall Street from meaningful regulations and reforms. Congress had better ask a lot of questions of Paulson before it approves anything that shifts financial burden onto taxpayers, former House Speaker Newt Gingrich (R-Ga.) warns in a post at The Corner. But, while the plan’s pricetag looks staggering, it will only get worse if Democrats add regulations, RedState’s Pejman Yousefzadeh declares.

Obama has taken a tough line against Paulson’s plan, Firedoglake’s Ian Welsh notes. Obama has stood up against failed conservative policies by refusing to support a taxpayer-funded rescue that does not include more oversight and regulations, Welsh says. And the Democratic Party needs Obama’s leadership in opposing the plan, as this is a critical moment for the U.S. economic policy, TalkLeft’s Jeralyn suggests.

Sen. Joe Biden (D-Del.), meanwhile, is mocked by conservatives for telling Virginia voters that Obama won’t try to take away their guns, and that if the Illinois Democrat comes after Biden’s own shotguns, “he’s got a problem.” Of course Obama wouldn’t try to take away Biden’s guns, Hot Air’s Ed Morrissey snarks: he doesn’t have the votes in Congress. Democratic candidates usually look silly posing as pro-gun, see-dubya writes at MichelleMalkin.com, referencing a shooting range appearance by Sen. John Kerry’s (D-Mass.) in 2004.

FROM THE BLOGS:
$700,000,000,000 – Pejman Yousefzadeh, RedState
Obama and Biden’s Beretta – see-dubya, MichelleMalkin.com
Anonymous Lawmaker Diagrams House Chicken – Matt Stoller, Open Left
The Bailout – Andrew Stuttaford, The Corner
Obama Says ‘No Blank Check’ – Jeralyn, TalkLeft
John McCain Hopes You’re Stupid – DarkSyde, Daily Kos
The Politics of Fear – John Hinderaker, Power Line
No One Knows – Marc Ambinder
Hedge Finds Next? – Kevin Drum
John McCain Has 13 Cars – John Aravosis, AMERICAblog

OTHER NEWS SOURCES:
Bipartisan Support for Rescue Plan Emerges – NY Times
Obama Hopes to Reverse Party Fortunes in Fla. – Washington Post
Obama Wields Wall Street Cudgel against McCain – LA Times
Paulson: We Need This to Be Clean and Quick – The Hill