Lawmakers Reach Accord on Huge Financial Rescue-Vote is Imminent on $700 Billion Bailout Plan

[kpete]

Source: Washington Post

Lawmakers Reach Accord on Huge Financial Rescue
Vote is Imminent on $700 Billion Bailout Plan


By Lori Montgomery and Paul Kane
Washington Post Staff Writers
Sunday, September 28, 2008; 2:56 AM

Congressional leaders and the Bush administration this morning said they had struck an accord to insert the government deeply into the nation's financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets backed by faltering home mortgages.

House and Senate negotiators from both parties emerged with Treasury Secretary Henry M. Paulson Jr. at 12:30 a.m. from a marathon session in the Capitol to announce that they had reached a tentative agreement on a proposal to give Paulson broad authority to organize one of the biggest government interventions in the private sector since the Great Depression.

Full details of the plan were not immediately available. Lawmakers said their staffs would be working through the night to assemble the package and post it on the Internet.

"We've made great progress, but we have to commit it to paper before we can formally agree," said House Speaker Nancy Pelosi (D-Calif.), who has pledged to make the plan available to the public for at least 24 hours before the House votes on it. A vote could come as early as tomorrow in the House, with the Senate expected to follow soon after.


Read more: http://www.washingtonpost.com/wp-dyn/content/article/20...

[maddezmom]

1. duplicate topic

http://www.democraticunderground.com/discuss/duboard.ph...