Congress Divided on $700 Billion Bailout Plan

Daily Real Estate News | September 26, 2008
Congress Divided on $700 Billion Bailout Plan

Congressional negotiators resumed meetings on Friday to revive or rework the proposed $700 billion financial bailout plan.

On Thursday, the word was that the group of lawmakers were near “fundamental” agreement on the bailout of the U.S. financial sector.

But that consensus fell apart Thursday night, with Democrats blaming the House Republicans for the apparent stalemate. Conservatives, however, have complained that the plan would be too costly for taxpayers and would be an unacceptable federal intrusion into private business.

President Bush is urging lawmakers to work through their disagreements and reach a consensus on the plan so the U.S. can avert an economic meltdown.

"There are disagreements over aspects of the rescue plan, but there is no disagreement that something substantial must be done," Bush said in a statement.


Source: Dow Jones International News (09/25/2008), Chicago Tribune (09/26/2008)