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Dems, GOP Close In on Bailout Plan

Posted Sep 27, 08 1:49 PM CDT in Politics,  Business 

(Newser) – Lawmakers nearly pulled an all-nighter yesterday negotiating Henry Paulson's bailout plan and vowed to unveil it tomorrow, the New York Times reports. “Staff worked until 3am this morning on the bailout,” Senate majority leader Harry Reid said, and “they made significant progress.” But there are still some sticking points and details to be hashed out.

While they still plan to drop $700 billion on toxic Wall Street assets, Democrats and Republicans are wrangling over what to do with possible gains. Securities that Washington buys will have value and may even result in a profit for taxpayers. Dems want 20% of any profit directed toward affordable housing; the GOP would like to see the whole bundle back in the Treasury.
Source: New York Times

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Thursday night's meeting.   (AP Photo)
Senate Majority Leader Harry Reid, D-Nev., speaks to reporters.   (AP Photo)
Treasury Secretary Henry Paulson.   (AP Photo)
President Bush walks alone.   (AP Photo)
Federal Reserve Chairman Ben Bernanke, left, and Securities and Exchange Commission (SEC) Chairman Christopher Cox in happier times.   (AP Photo)
Senate Majority Leader Harry Reid, D-Nev., left, holds draft legislation, as Senate Banking, Housing and Urban Affairs Chairman Christopher Dodd, D-Conn., looks on.   (AP Photo)
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Failure to do this will lead to a massive fiscal meltdown in the credit markets, which will lead immediately to a meltdown on Main Street because people won't be able to finance payroll, purchase cars, buy houses.
- Sen. Judd Greg, lead GOP negotiator

We hope that sometime tomorrow evening we can announce there has been some kind of agreement in principle. We may not have another day. - Sen. Harry Reid, majority leader

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Financial Crisis • Congress • bailout • credit crisis • Wall Street • Harry Reid • bipartisanship • Judd Gregg


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