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!@#$%! · 09.25.2008, 02:02 PM

looks like breaking news:

GOP, Democratic Negotiators Reach Agreement in Principle
By William Branigin, Dan Eggen and Paul Kane
Washington Post Staff Writers
Thursday, September 25, 2008; 2:45 PM

House and Senate negotiators emerged from a closed-door meeting today and said they have reached agreement on basic principles governing a massive financial rescue plan that they hope to pass soon.

Democratic and Republican members of the Senate Banking Committee and the House Financial Services Committee said they came to an accord on many of the issues dividing them as they negotiated the specifics of a $700 billion package proposed by the Treasury Department and the Federal Reserve. The package is aimed at buying up the bad debt that is clogging the financial system and threatening a meltdown, mainly because of risky mortgage loans promoted by Wall Street financiers.

Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, told reporters after the meeting, "We've reached fundamental agreement on a set of principles" to guide the financial rescue plan, and he said Congress could pass a bill within days. He said the principles include protection for taxpayers, effective oversight, help for homeowners facing foreclosure and limits on the compensation of executives whose firms take bailout money.

"We're giving [Treasury Secretary Henry M. Paulson Jr.] authority that he will need in order to act and the funding that he will need," Dodd said.

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09.25.2008, 02:02 PM	#19
!@#$%! invito al cielo Join Date: Mar 2006 Location: mars attacks Posts: 42,683	looks like breaking news: GOP, Democratic Negotiators Reach Agreement in Principle By William Branigin, Dan Eggen and Paul Kane Washington Post Staff Writers Thursday, September 25, 2008; 2:45 PM House and Senate negotiators emerged from a closed-door meeting today and said they have reached agreement on basic principles governing a massive financial rescue plan that they hope to pass soon. Democratic and Republican members of the Senate Banking Committee and the House Financial Services Committee said they came to an accord on many of the issues dividing them as they negotiated the specifics of a $700 billion package proposed by the Treasury Department and the Federal Reserve. The package is aimed at buying up the bad debt that is clogging the financial system and threatening a meltdown, mainly because of risky mortgage loans promoted by Wall Street financiers. Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, told reporters after the meeting, "We've reached fundamental agreement on a set of principles" to guide the financial rescue plan, and he said Congress could pass a bill within days. He said the principles include protection for taxpayers, effective oversight, help for homeowners facing foreclosure and limits on the compensation of executives whose firms take bailout money. "We're giving [Treasury Secretary Henry M. Paulson Jr.] authority that he will need in order to act and the funding that he will need," Dodd said. MORE
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