Thread: Update on Bailout progress

Lawmakers cite progress on huge bailout deal
Senate leader hopes to have agreement in principle by late Sunday



updated 24 minutes ago
WASHINGTON - Congress made significant progress on a financial bailout of Wall Street and the Senate's Democratic leader said Saturday he hoped to announce a deal by the end of the weekend.

President Bush expressed confidence that lawmakers soon would pass a rescue plan before leaving Capitol Hill to campaign for re-election. He acknowledged that many Americans are frustrated by a situation that has led to a possible $700 billion bailout and angered that they may have to cover Wall Street firms' mistakes.

The bailout is intended to rescue bankers from the bad loans that threaten to derail the economy and plunge the country into a long depression. With talks set to resume, negotiators sought a deal before Asian markets open Monday.


"We hope sometime tomorrow evening we can announce that there has been some sort of agreement in principle so that the only thing that will have to be done is to write the legislation," said Sen. Harry Reid, D-Nev. "It is still a long way from completing it but we've made significant progress."

Aides worked late into the night, he said, and there are "probably 15 issues still left outstanding that senators are going to have to get together and resolve."

Bush used his weekly radio address to appeal to lawmakers from both parties to work together on "an issue that transcends partisanship." He said he was confident "we will pass a bill to protect the financial security of every American very soon."

The president said he was aware that many of his radio listeners were upset. "You make sacrifices every day to meet your mortgage payments and keep up with your bills. When the government asks you to pay for mistakes on Wall Street, it does not seem fair," Bush said.

"And if it were possible to let every irresponsible firm on Wall Street fail without affecting you and your family, I would do it. But that is not possible," he added.

The major party presidential contenders — Republican John McCain and Democrat Barack Obama — agreed during their debate Friday that Congress must act soon.

Staving off disaster
In a sign of movement Friday, House Republicans sent their No. 2 leader, Rep. Roy Blunt of Missouri, to join the talks after their objections to an emerging compromise had brought negotiations to a standstill.

Massachusetts Rep. Barney Frank, a key Democrat in eight days of up-and-down talks designed to stave off an economic disaster, said he was convinced that by Sunday there would be an agreement "that people can understand on this bill."

House Speaker Nancy Pelosi told fellow Democrats during a private meeting Friday that the legislation would not let judges rewrite mortgages to help bankrupt homeowners avoid foreclosure. That provision amounted to a deal-breaker for Republicans, whose votes are needed to pass the measure, she said, according to lawmakers at the meeting.

Democrats and Bush administration officials said they were willing to include House Republicans' idea of having the government insure distressed mortgages — but only as an option, rather than a replacement for the administration's more sweeping approach.

At an early morning tree planting event at the White House on Saturday, Bush ignored a reporter's question about when a bailout deal could be reached. On Friday night, he called some lawmakers and discussed the rescue plan with some others at a National Book Festival gala he attended at the Library of Congress. The White House declined to disclose their names, saying the president was trying to have constructive discussions without publicly pressuring them.



New details emerged of a remarkably tumultuous White House meeting on the bailout Thursday. With the session breaking up in disarray, according to two participants, Bush issued an appeal, saying, "Can't we just all go out and say things are OK?" The group around the table, congressional leaders as well as McCain and Obama, spurned the request. The participants spoke on condition of anonymity because the meeting was private.

The legislation the White House is promoting would allow the government to buy bad mortgages and other sour assets held by investors, most of them financial companies. That should make those companies more inclined to lend and lift a major weight off the national economy that is already sputtering.

Many House conservatives say they are against such heavy federal intervention. Under the GOP plan, the government would insure the distressed securities rather than buy them. Tax breaks would provide additional incentives to invest.

In an Associated Press-Knowledge Networks poll, only 30 percent of those surveyed expressed support for Bush's package. Forty-five percent were opposed, with 25 percent undecided. The survey was conducted Thursday and had a margin of error or plus or minus 3.8 percentage points.


http://www.msnbc.msn.com/id/26884523

They are planning on WALKING RIGHT OVER US!!! I know everyone is tired of calling emailing and faxing but time is short! LETS KEEP BLASTING THEM!!!

"We hope sometime tomorrow evening we can announce that there has been some sort of agreement in principle so that the only thing that will have to be done is to write the legislation," said Sen. Harry Reid, D-Nev. "It is still a long way from completing it but we've made significant progress."

I dont trust anything that comes out of Senator Harry Reids mouth. He has already tried to sneak legislation into this bill and got caught. My question is how did a "2 page 700 million bail-out bill" get to what I heard is now a "100+ page document"? What are these people adding into it?

Originally Posted by butterbean

"We hope sometime tomorrow evening we can announce that there has been some sort of agreement in principle so that the only thing that will have to be done is to write the legislation," said Sen. Harry Reid, D-Nev. "It is still a long way from completing it but we've made significant progress."

I dont trust anything that comes out of Senator Harry Reids mouth. He has already tried to sneak legislation into this bill and got caught. My question is how did a "2 page 700 million bail-out bill" get to what I heard is now a "100+ page document"? What are these people adding into it?

They are keeping it all top secret! They are going to spend our money any way they want no matter whether we like it or not!!!! WE NEED TO KEEP SLAMMING THEM!

"And if it were possible to let every irresponsible firm on Wall Street fail without affecting you and your family, I would do it. But that is not possible," he added

You sure don't worry about all the other things effecting our families.....every irresponsible decision and move that hurts for the sake of "globalization" or whatever else. Why care now?

President Bush expressed confidence that lawmakers soon would pass a rescue plan before leaving Capitol Hill to campaign for re-election.

If they pass this bill against the will of the people, they can forget getting re-elected.

Bush was continuing his scare tactics on his radio address this morning. He's really working his little black heart out to get Americans to come around to his way of thinking.

Call, email, fax! Don't let these crooks get away with this!

Originally Posted by tinybobidaho

President Bush expressed confidence that lawmakers soon would pass a rescue plan before leaving Capitol Hill to campaign for re-election.

If they pass this bill against the will of the people, they can forget getting re-elected.

Bush was continuing his scare tactics on his radio address this morning. He's really working his little black heart out to get Americans to come around to his way of thinking.

Call, email, fax! Don't let these crooks get away with this!

ABSOLUTELY TINY!!!! WE ARE AS MAD AS HEll AND WE ARE NOT GOING TO LET THEM GET AWAY WITH IT ANYMORE!!!

THEY INSANITY MUST BE STOPPED!!!

I keep saying, we should stop paying our taxes. They can't arrest us all. If enough of us did that, we could stop them in their tracks as they won't have money to carry out thier plans agaisnt the people of the United States.

Bush issued an appeal, saying, "Can't we just all go out and say things are OK?"

Why is that man still in the WhiteHouse? Look at this!
He sounds like Pelosi, Reid and BARNEY Frank!!!

Bush's library of accomplishments is the size of a prison cell...
Big enough to hang a family photo!

Originally Posted by agrneydgrl

I keep saying, we should stop paying our taxes. They can't arrest us all. If enough of us did that, we could stop them in their tracks as they won't have money to carry out thier plans agaisnt the people of the United States.

Hard to do when you end up getting a refund every year. No matter how many exemptions we claim, we always get money back. I guess because of the house.