House Republicans Return to Bailout Negotiations

Key concessions, and a desire to approve legislation, put talks back on track
By Harry Kimball,  Newser Staff
Posted Sep 26, 2008 5:01 PM CDT
Senate Majority Leader Harry Reid and others at a press conference.   (AP Photo)
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(Newser) – After a dramatic exit yesterday, House Republicans returned to talks today on the Wall Street bailout plan, the Washington Post reports. The White House expressed confidence and hoped aloud for a resolution by Monday. Yesterday’s White House meeting, with both candidates, was seen as a misstep. “The insertion of presidential politics has not been helpful,” Senate Majority leader Harry Reid said.

Rep. Eric Cantor, who authored the House GOP’s alternative plan, conceded his insurance model of debt management couldn’t work. “You've got to go with Paulson's model,” he said, referring to the direct government purchase of toxic Wall Street debt. Added GOP Sen. Judd Gregg: “The progress that's been made so far has been significant … but there's still a lot of very knotty and difficult . . . issues to deal with.”