Lawmakers: We Have a Deal

(NEWSER) - The CEOs of the Big Three automakers told the Senate today that a $25 billion bailout of the industry is necessary to prevent "catastrophic" effects on the economy, the New York Times reports. “If the domestic industry were allowed to fail,” said GM's Rick Wagoner, it would mean “three million jobs lost within the first year.” Meanwhile, Chrysler's Robert Nardelli disclosed that his company, like GM, is on the verge of bankruptcy. More»

Demands and attitude have soured a once promising relationship between the administration and lawamakers

(NEWSER) - Treasury Secretary Henry Paulson may have gotten what he wanted from Congress on the Wall Street bailout, but his performance in selling the deal left lawmakers with a sour taste, the Wall Street Journal reports. Many think his original proposal, which would have granted him virtually unlimited powers, and his conduct in the hot seat, were presumptuous. But no matter: “For a few months, he will be more powerful than the president,” said Sen. Richard Shelby, a bailout critic. More»

Lawmakers haggle into wee hours, vow to unveil accord tomorrow

(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. More»

Key concessions, and a desire to approve legislation, put talks back on track

(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. More»

President aims to give lawmakers push on $700B plan, garner support

(NEWSER) - President Bush will address the nation tonight on the proposed $700 billion Wall Street bailout, CNN reports, in hopes a televised speech could sway reticent lawmakers into quick action. The 9pm EDT speech will come after a second day of Treasury chief Henry Paulson and Federal Reserve chair Ben Bernanke explaining the plan to Congress. More»