“Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers’ interests,” House Speaker Nancy Pelosi said. She added that the administration’s proposal did “not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.”

The Bush administration’s proposal was stunning for its stark simplicity. It would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring semiannual reports to Congress, granting the Treasury secretary unprecedented power to buy and resell mortgage debt.

Congress’s investigation of the Justice Department is of the utmost importance. It now seems clear that the department, under Attorney General Alberto Gonzales, operated as a partisan political actor, using its prosecutorial authority to help the party in power win elections. That was a grave abuse, which undermined American democracy.