xcel
09-26-2008, 11:21 AM
Democrats said the same was true of the conservatives' plan. It calls for tax cuts and insurance provisions the majority party will not accept. (http://www.chicagotribune.com/business/sns-ap-financial-meltdown,0,455671.story)
http://www.cleanmpg.com/photos/data/501/Congress.jpgCharles Babington - AP - Sept. 26, 2008
Congress in its not so finest hour.
Republicans asking for tax cuts and insurance company guarantees… :mad: -- Ed.
WASHINGTON - President Bush scrambled Friday to bring rebellious members of his own party behind a $700 billion-dollar government bailout of the financial system amid bitter political recriminations from both Democrats and Republicans over collapsed negotiations.
Bush delivered a terse statement from outside the Oval Office of the White House, acknowledging that lawmakers have a right to express their doubts and work through disagreements, but declaring they must "rise to the occasion" and approve a plan to avert an economic meltdown.
"There are disagreements over aspects of the rescue plan," he said, "but there is no disagreement that something substantial must be done. We are going to get a package passed."
On Wall Street, the level of institutional nervousness was palpable, especially after Washington Mutual Inc. became the largest U.S. bank to fail. The Dow Jones industrial average fell more than 100 points, while fears of a deepening economic crisis fed safe-haven buying in Treasury notes.
Earlier Friday, House Financial Services Chairman Barney Frank declared that an agreement depends on House Republicans "dropping this revolt" against the Bush-requested plan.
The Massachusetts Democrat said leading Democrats on Capitol Hill were shocked by the level of divisiveness that surfaced at Thursday's extraordinary White House meeting, leaving six days of intensive efforts to agree on a bailout plan in tatters only hours after key congressional players of both parties had declared they were in accord on the outlines of a $700 billion bill…
Participants in a meeting late Thursday afternoon that Bush had at the White House with congressional leaders, McCain and Obama said that it descended into arguments. Disagreements were so deep-seated that some lawmakers wondered aloud just who — and how many — would show up for the resumption of talks, presumably Friday morning, at the Capitol.
"I didn't know I was going to be the referee for an internal GOP ideological civil war," Frank, D-Mass., said on CBS's "The Early Show."
Sen. Richard Shelby, an Alabama Republican, said many GOP lawmakers dislike the proposal that has been pushed on the administration's behalf principally by Paulson. "Basically, I believe the Paulson proposal is badly structured," he said. "It does nothing basically for the stressed mortgage payer. It does a lot for three or four or five banks. ... " http://www.chicagotribune.com/business/sns-ap-financial-meltdown,0,455671.story
http://www.cleanmpg.com/photos/data/501/Congress.jpgCharles Babington - AP - Sept. 26, 2008
Congress in its not so finest hour.
Republicans asking for tax cuts and insurance company guarantees… :mad: -- Ed.
WASHINGTON - President Bush scrambled Friday to bring rebellious members of his own party behind a $700 billion-dollar government bailout of the financial system amid bitter political recriminations from both Democrats and Republicans over collapsed negotiations.
Bush delivered a terse statement from outside the Oval Office of the White House, acknowledging that lawmakers have a right to express their doubts and work through disagreements, but declaring they must "rise to the occasion" and approve a plan to avert an economic meltdown.
"There are disagreements over aspects of the rescue plan," he said, "but there is no disagreement that something substantial must be done. We are going to get a package passed."
On Wall Street, the level of institutional nervousness was palpable, especially after Washington Mutual Inc. became the largest U.S. bank to fail. The Dow Jones industrial average fell more than 100 points, while fears of a deepening economic crisis fed safe-haven buying in Treasury notes.
Earlier Friday, House Financial Services Chairman Barney Frank declared that an agreement depends on House Republicans "dropping this revolt" against the Bush-requested plan.
The Massachusetts Democrat said leading Democrats on Capitol Hill were shocked by the level of divisiveness that surfaced at Thursday's extraordinary White House meeting, leaving six days of intensive efforts to agree on a bailout plan in tatters only hours after key congressional players of both parties had declared they were in accord on the outlines of a $700 billion bill…
Participants in a meeting late Thursday afternoon that Bush had at the White House with congressional leaders, McCain and Obama said that it descended into arguments. Disagreements were so deep-seated that some lawmakers wondered aloud just who — and how many — would show up for the resumption of talks, presumably Friday morning, at the Capitol.
"I didn't know I was going to be the referee for an internal GOP ideological civil war," Frank, D-Mass., said on CBS's "The Early Show."
Sen. Richard Shelby, an Alabama Republican, said many GOP lawmakers dislike the proposal that has been pushed on the administration's behalf principally by Paulson. "Basically, I believe the Paulson proposal is badly structured," he said. "It does nothing basically for the stressed mortgage payer. It does a lot for three or four or five banks. ... " http://www.chicagotribune.com/business/sns-ap-financial-meltdown,0,455671.story