Congress

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Deal Reached on Bailout
 Deal Reached on Bailout 
Sep 28, 2008 5:08 AM CDT

Deal Reached on Bailout

Bill would address exec salaries, hold equity stake for taxpayers

(Newser) - Congress and the Bush administration have agreed on a preliminary plan for the $700 billion bailout bill, Washington leaders said after emerging from talks after midnight this morning. Though details need ironing out, “I think we're there,” announced Treasury Secretary Henry Paulson. Work was to continue with a...

Dems, GOP Close In on Bailout Plan
Dems, GOP Close In on Bailout Plan
Sep 27, 2008 1:49 PM CDT

Dems, GOP Close In on Bailout Plan

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...

Market to Congress: Time's Up
 Market to Congress: Time's Up 
OPINION
Sep 27, 2008 11:50 AM CDT

Market to Congress: Time's Up

New plans simply can't be negotiated in time

(Newser) - Henry Paulson’s bailout plan isn’t perfect, writes Joe Nocera in the New York Times, but we have to enact it anyway because time has run out. “With every passing day, Congress is fiddling while Rome is burning,” says Nocera, just last week a bailout opponent. Lawmakers...

House Republicans Return to Bailout Negotiations

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...

Up Day Still Means Down Week
 Up Day Still Means Down Week 
MARKETS
Sep 26, 2008 3:47 PM CDT

Up Day Still Means Down Week

WaMu spooks markets, but optimism over bailout remains strong

(Newser) - Stocks lost value for most of today’s session as progress slowed on the Wall Street bailout plan, but turned sharply higher in the last few trading hours, MarketWatch reports. Despite mixed gains today, all indices saw losses during a tumultuous week. The Dow gained 121.07 to 11,143....

'What We Need Are a Few Public Hangings'
'What We Need Are a Few Public Hangings'
OPINION
Sep 26, 2008 1:26 PM CDT

'What We Need Are a Few Public Hangings'

String up some CEOs to satisfy the mob, and get on with a bailout

(Newser) - The masses are agitated, and so is Congress. How dare Henry Paulson ask for so much money to bail out those greedy Wall Street evil-doers? The truth, writes Charles Krauthammer, is that Paulson is a lame duck doing his best to save the economy, and that the crisis was mostly...

Lawmakers Seek $6.6B in Earmarks
Lawmakers
Seek $6.6B
in Earmarks
Sep 26, 2008 1:00 PM CDT

Lawmakers Seek $6.6B in Earmarks

Biden requests $51.5M; Ted Stevens leads way with $238M

(Newser) - Despite campaign rhetoric against earmarks, a hefty $6.6 billion will be set aside for lawmakers’ pet projects in a $630 billion spending bill nearing approval, USA Today reports. The amount is down 11% from last year. Of note: Though both presidential candidates didn't request any earmarks this year, Joe...

McCain Will Attend Debate, Cites Progress on Bailout

(Newser) - The debate is on. With lawmakers vowing to stay on the Hill as long as it takes to get a bailout deal, John McCain’s campaign said today that he would attend tonight’s debate with Barack Obama, the New York Times reports. McCain is “optimistic that there has...

Candidates Meet With Bush
 Candidates Meet With Bush 
updated
Sep 25, 2008 4:05 PM CDT

Candidates Meet With Bush

Details emerge on how money would be doled out

(Newser) - John McCain and Barack Obama met with President Bush and congressional leaders in Washington this afternoon to discuss the evolving bailout plan, the AP reports. With the candidates' help, “my hope is that we can reach an agreement very shortly,” Bush said. Key lawmakers said they had reached...

Lawmakers: We Have a Deal
 Lawmakers: We Have a Deal 
UPDATED
Sep 25, 2008 12:57 PM CDT

Lawmakers: We Have a Deal

Dodd touts 'fundamental agreement' ahead of meeting with Bush

(Newser) - The bipartisan group of legislators working on either a Wall Street bailout or a rescue package has reached "a fundamental agreement on a set of principles," Senate Banking Committee Chris Dodd said today. Racing to make a deal before a scheduled 4pm meeting at the White House, the...

Bailout Pact Appears Near
 Bailout Pact Appears Near 
Sep 25, 2008 10:52 AM CDT

Bailout Pact Appears Near

Consensus emerges ahead of candidate meeting

(Newser) - Congressional leaders seem close to an agreement on the bailout bill, following a flurry of late-night activity, the Wall Street Journal reports. Democrats want to have all their ducks in a row before Barack Obama and John McCain meet with President Bush this afternoon, to ensure McCain gets no credit...

In Terms We Can Understand: $700B = 12 Bill Gateses

Or, $2,300 for each of America's 300M average Joes

(Newser) - Ben Bernanke and Henry Paulson have been urging Congress the past two days to authorize the largest bailout in US history. Slate breaks $700 billion into smaller bites:
  • $2,300 per person (based on the US population of 300 million)
  • 12 Bill Gateses
  • 381 Hollywood blockbusters (Titanic made $1.8
...

Congress Wants More Taxpayer Guarantees

Amid dire warnings and political theater, sides inch closer to compromise

(Newser) - As opposition to the Bush administration’s economic bailout plan became more strident in both parties yesterday, officials began a major push to convince Congress a deal had to be approved quickly, the New York Times reports. The White House said the results of failing to reach an accord were...

Buffett's Goldman Buy Stabilizes Stocks
 Buffett's Goldman Buy 
 Stabilizes Stocks 
MARKETS
Sep 24, 2008 9:16 AM CDT

Buffett's Goldman Buy Stabilizes Stocks

Sage of Omaha backs Paulson

(Newser) - Stocks rose slightly at the open, reports the Wall Street Journal, buoyed by Warren Buffett’s $5 billion vote of confidence in Goldman Sachs. The Dow Jones rose 21 points, while the S&P rose 0.3%, and the Nasdaq 0.9%. Capitol Hill will again command Wall Street's attention...

At $231M, Kerry Is Congress' Richest

Though, Roll Call cautions, financial disclosure forms an unreliable source

(Newser) - John Kerry leads Roll Call's annual list of the 50 richest members of Congress, with a fortune estimated at $231 million. But financial-disclosure rules make it impossible to get a complete picture of lawmakers' assets, so Kerry, John McCain (No. 13, with $20 million), and the rest of the top...

Wrangle Over $700B Bailout Heats Up
Wrangle Over $700B Bailout Heats Up
Sep 23, 2008 6:58 AM CDT

Wrangle Over $700B Bailout Heats Up

Lawmakers seek pay caps, homeowner help, as doubts mount

(Newser) - Congress and the Bush administration are edging closer to an agreement on a bailout for financial firms—but several major sticking points remain, the New York Times reports. Progress has been made on oversight for the $700-billion fund, but lawmakers are pushing for taxpayers to get an equity stake in...

Dems Set Their Own Terms for Bailout Plan

Congress wants oversight of treasury, homeowner assistance

(Newser) - As Hank Paulson did the Sunday talk shows, Democrats in the House and Senate set down their own terms for a plan to rescue the nation's financial institutions—one that would give Congress greater oversight over the treasury. Barney Frank, who chairs the House Financial Services Committee, put forward his...

Devil's in the Details of Wall St. Bailout

Plan expected to bring controversy

(Newser) - Now that President Bush has requested his $700 billion bailout plan from Congress, work is under way on the details. The administration kept its 3-page outline simple so it could adjust to problems on the fly, the Wall Street Journal reports. But that gives Congress the opportunity to load it...

Bush Asks Congress for $700B Bailout Fund

President urges swift action, 'and the cleaner the better'

(Newser) - The Bush administration today formally asked Congress to authorize a $700 billion fund, administered by the Treasury Department, to help troubled financial institutions unload bad debt, the Washington Post reports. The figure is $200 billion higher than legislators were led to expect yesterday, and the national debt limit would be...

Bernanke, Paulson Put Fear of God Into Pols

Of meeting with officials, lawmaker says: 'We have never heard language like this'

(Newser) - Lawmakers were astounded at the possible fallout of the crisis on Wall Street outlined last night by Fed chairman Ben Bernanke and Treasury Secretary Henry Paulson, the New York Times reports. “When you listened to him describe it you gulped,” New York Sen. Charles Schumer said of the...

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