Sunday, September 28, 2008

White House, Congress push for bailout deal --

White House, Congress push for bailout deal -- "From the Los Angeles Times
White House, Congress push for bailout deal
By RICHARD SIMON Los Angeles Times
September 28, 2008

WASHINGTON — - Working past midnight, Congressional negotiators early today reported a tentative deal on a Wall Street bailout, in hopes of reaching an agreement before financial markets open Monday.

House Speaker Nancy Pelosi announced the accord just after midnight but released no details, saying it still had to be put on paper. Treasury Secretary Henry Paulson talked of finalizing the deal — which could cost as much as $700 billion — but added: 'I think we're there.'

The House could vote on it today and the Senate on Monday.

As bipartisan talks resumed at the Capitol — and under a greater sense of urgency — President Bush had stepped up his efforts to win the support of skeptics within his own party for the plan.

Paulson joined the talks between members of both parties from both chambers; House Minority Whip Roy Blunt of Missouri, whose Republican rank and file have been the plan's loudest critics, reported progress.

Sen. Judd Gregg of New Hampshire, the Senate Republicans' lead negotiator, said that the parties had moved 'down the road a long way toward reaching agreement.'

Some House Republicans had argued against setting an arbitrary deadline for action.

'By irresponsibly raising investors' expectations of an agreement, the failure of Congress to reach a deal by such a deadline could spark the very economic meltdown we are trying to stop,' said Rep. Thaddeus McCotter, R-Mich."

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