Gingrich urges vote against bailout, labels $700 billion plan ‘dead loser’

By Sam Youngman

Posted: 09/23/08 06:32 PM [ET]

Newt Gingrich said Tuesday that any lawmaker who votes for the Bush administration’s $700 billion bailout proposal, a package he called a “dead loser,” will face defeat in November. The former Speaker of the House said the bailout has the potential to turn the election — particularly the presidential race — on its head depending on what Sens. John McCain and Barack Obama decide to do if the plan comes to a vote. The Georgia Republican, talking to reporters at a lunch, added that he expects Democratic presidential candidate Obama (Ill.) to back the plan. He predicted that if McCain (R-Ariz.) ends up opposing the administration proposal, that would give the Arizona senator a chance to truly grab the mantle of reform and rewrite the current election narrative. McCain can prove, Gingrich said, “much the way he did with picking [Alaska Gov. Sarah] Palin, that, in fact, he’s a genuine maverick and he genuinely defends the taxpayers and this is a terrible bill.” “If the latter happens, I think you will see overnight the emergence of the McCain reform wing of the Republican Party, and you’ll see House and Senate members siding with McCain by overwhelming margins,” Gingrich said.