Rep. Michele Bachmann (R-Minn.) threw cold water on a key rationale House Republican leaders have been employing this afternoon to explain why they couldn't deliver more GOP votes for the Wall Street bailout package.

At a Monday afternoon press conference, GOP leaders argued that Speaker Nancy Pelosi (D-Calif.) cost the measure a dozen Republican votes by delivering an overly partisan floor speech in support of it.

But Bachmann, speaking at a Republican Study Committee press conference,...