Lawmakers: Financial bailout agreement reached By JULIE HIRSCHFELD DAVIS, Associated Press Writers 16 minutes ago WASHINGTON - Warned of a possible financial panic, key Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry and said they would present it to the Bush administration in hopes of a vote within days. ADVERTISEMENT Emerging from a two-hour negotiating session, Sen. Chris Dodd, D-Conn., the Banking Committee chairman said, "We are very confident that we can act expeditiously." "I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president," said Sen. Bob Bennett, R-Utah. The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan.
By JULIE HIRSCHFELD DAVIS, Associated Press Writers 16 minutes ago
WASHINGTON - Warned of a possible financial panic, key Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry and said they would present it to the Bush administration in hopes of a vote within days. ADVERTISEMENT
Emerging from a two-hour negotiating session, Sen. Chris Dodd, D-Conn., the Banking Committee chairman said, "We are very confident that we can act expeditiously."
"I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president," said Sen. Bob Bennett, R-Utah.
The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan.
Lawmakers Agree on `Principles' of Rescue Deal Sept. 25 (Bloomberg) -- Congressional negotiators said they reached a bipartisan agreement on a ``set of principles'' for a $700 billion financial-rescue package to inject fresh capital into the paralyzed credit markets. Lawmakers agreed that legislation should include provisions on oversight of the Treasury-run program, limits on executive pay and a section on homeownership preservation, Senate Banking Committee Chairman Christopher Dodd said. Still unresolved is whether the bill will include a provision allowing bankruptcy judges to change mortgage terms. The Treasury would have $250 billion available immediately, said a Senate aide, who requested anonymity. (...) Frank said a Democratic provision to let judges rewrite mortgage terms for homeowners in bankruptcy proceedings is the ``most controversial'' and remains an ``outstanding issue.'' ``We pushed very strongly for it,'' Frank said. ``We haven't resolved it yet.'' ``Bankruptcy is the one issue where our Republican colleagues told us they thought that would blow up the whole thing,'' Frank told reporters. ``So it hasn't been finally resolved, but that's on the table.''
Sept. 25 (Bloomberg) -- Congressional negotiators said they reached a bipartisan agreement on a ``set of principles'' for a $700 billion financial-rescue package to inject fresh capital into the paralyzed credit markets.
Lawmakers agreed that legislation should include provisions on oversight of the Treasury-run program, limits on executive pay and a section on homeownership preservation, Senate Banking Committee Chairman Christopher Dodd said.
Still unresolved is whether the bill will include a provision allowing bankruptcy judges to change mortgage terms. The Treasury would have $250 billion available immediately, said a Senate aide, who requested anonymity.
(...)
Frank said a Democratic provision to let judges rewrite mortgage terms for homeowners in bankruptcy proceedings is the ``most controversial'' and remains an ``outstanding issue.''
``We pushed very strongly for it,'' Frank said. ``We haven't resolved it yet.''
``Bankruptcy is the one issue where our Republican colleagues told us they thought that would blow up the whole thing,'' Frank told reporters. ``So it hasn't been finally resolved, but that's on the table.''
That's still a rather major disagreement... In the long run, we're all dead. John Maynard Keynes
He's completely incoherent. And the press is starting to pick up on it. They're also picking up on the fact that his "suspension" was a lie.
Bush, again, seems genuinely scared out of his mind at the economy right now. (No wonder. Bush is cynical and corrupt, but he's not completely stupid. He knows we're in deep shit.) He seems to simply want a bill, even if it means conceding every key point to the Dems, and I'm guessing he's about ready to strangle McCain by now for all the dicking around.
The Dems, of course, want to pass something akin to Dodd's bill, and the only question now is on the bankruptcy rules that the progressives want reformed. Obama sounds like he's going to move to support the bankruptcy provisions, thus allowing him to either get a better bill or vote Nay and cut off McCain.
That's where we're at. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
Those words mean NOTHING to them, do they?! I wonder if his god talked to 43 tonight, or if it had to go through chainy. Our knowledge has surpassed our wisdom. -Charu Saxena.
