Schumer Warns Paulson Not To Present Congress With A 'fait Accompli'

Sen. Charles Schumer said Friday that he is “on standby” and ready to work with Treasury Secretary Henry Paulson over the weekend on a market rescue plan, but warned Paulson not to present Congress with a “fait acompli” when the federal government unveils its plan to Congress this weekend.

“The paramount thing is to get this done and get it done in an inclusive way,” Schumer told reporters Friday afternoon.

As of noon on Friday, lawmakers had not received and legislative language from the federal government, though aides told Politico the outline of a bill could emerge later in the day.

The New York Democrat said “goal number one” was to deal with the housing crisis, which Schumer has long called the “bull’s eye” of the nation’s financial difficulties.

Schumer brushed aside questions on whether Democrats would push to include parts of a second economic stimulus package into any proposed legislation to help banks, saying: “That is the kind of discussion we don’t want to have. We want to keep focused on the crisis.”

The chairman of the Democratic Senatorial Campaign Committee, Schumer said he would be traveling to Louisiana Friday night, but was prepared to rush back to Washington if necessary.