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Bailout bargaining restarts
Saturday, September 27, 2008 | No comments posted.
WASHINGTON (AP) — The Bush administration and Congress anxiously revived negotiations Friday on a $700 billion financial bailout, one day after the largest bank collapse in U.S. history provided a brutal reminder of the risks of failure.
“I’m convinced that by Sunday we will have an agreement that people can understand on this bill,” predicted Massachusetts Rep. Barney Frank, a key Democrat in eight days of up-and-down talks designed to stave off an economic crisis.
House Speaker Nancy Pelosi added that “progress is being made,” although neither she nor Frank divulged details at a news conference in the Capitol.
House Republicans dispatched their second-ranking leader, Rep. Roy Blunt of Missouri, to join the talks after their objections to an emerging compromise had brought negotiations to a standstill the day before. They demanded “serious consideration” for a plan of their own, involving less government intrusion and lower cost to the taxpayers than the $700 billion that Treasury Secretary Henry Paulson has been seeking.
“I’m convinced that by Sunday we will have an agreement that people can understand on this bill,” predicted Massachusetts Rep. Barney Frank, a key Democrat in eight days of up-and-down talks designed to stave off an economic crisis.
House Speaker Nancy Pelosi added that “progress is being made,” although neither she nor Frank divulged details at a news conference in the Capitol.
House Republicans dispatched their second-ranking leader, Rep. Roy Blunt of Missouri, to join the talks after their objections to an emerging compromise had brought negotiations to a standstill the day before. They demanded “serious consideration” for a plan of their own, involving less government intrusion and lower cost to the taxpayers than the $700 billion that Treasury Secretary Henry Paulson has been seeking.
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