As Deal Drifts, House GOP Releases Alternative

House Republicans were left out of the morning deal making on the bailout and are already being blamed for derailing the bailout negotiation.

So now they've released their own set of "principles" in the 11th hour, relying on mortgage insurance, injections of private capital into the financial system and free market principles. Many of the ideas are tried and true conservative ideas, like loosening regulations in hopes of freeing up private capital. The thrust of the GOP alternative is essentially a private insurance plan for mortgage backed securities, but it's not clear if such a plan could go into effect quickly enough to salvage the teetering credit markets.

And yes, there's a "blue ribbon panel" proposal in their plan.

It's not clear if the top negotiators at the White House, the Senate or in the House will even give this a second look, but the House GOP alternative represent a loud yet important voice for fiscal conservatives in Washington and nationwide.

We've pasted their bullet points after the jump.
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