Thursday, September 25, 2008

Bailout Agreement Reached, "Tentatively"

Whew, McCain came just in the "nick of time" (snark)

Top lawmakers said Thursday that Republicans and Democrats have reached a fundamental agreement on the principles of a financial rescue for Wall Street and are on track to pass a bill within the next few days.

Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, said a “fundamental agreement” on the principles of a bailout have been reached and said he hopes Congress can act within the next few days. Separately, House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., said a bailout bill is “on track” for passage.

Earlier, Paul Kanjorski, D-Pa., chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, told CNBC that negotiations over a proposed $700 billion rescue for Wall Street have gone well and a plan could be in place before financial markets open on Monday morning.

A bailout plan package “is basically done” and the “hard issues are resolved,” he said in an interview Thursday. “This is almost a done deal, but I can’t announce it because that’s not my role,” he added. “Just tell the American people the cavalry has arrived; we’re home.” continue MSNBC

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