With the Obama Administration yesterday announcing that they plan to impose strict pay limits on bailed-out bank executives, Republicans are in a tough position. First of all, they’re not needed; Treasury can do whatever it wants. But more importantly, they’re put in a bind between a very popular notion and their stated principles. They can support Obama, and subject themselves to fire from their business supporters, a very important component of the party infrastructure, opening themselves up to primary challengers. Or they can oppose his move, and set themselves up perfectly to be painted as the party of plutocracy.
I’ll bet the current best move is for them to sit tight and hope no one asks. I can’t find any comment by the party leadership as of 9:55 AM. But that’s an unsustainable strategy.