Representative Spencer Bachus (R-AL) is before the House Rules Committee arguing that the Treasury Department can’t even use all of the $700 billion that the bailout legislation would authorize. At most, it could move $50 billion per month.

Congress can allow Treasury some of the money, take a look later at a couple of months of the program, and see how well it’s being used.

His colleagues are beating him up for it, but it makes simple sense for Congress to do something piecemeal rather than write a blank (er, $700 billion) check.

(Looks like I’m liveblogging the financial services bailout or something . . .)