After a marathon round of negotiations that ended in the predawn hours on Saturday, Congressional leaders and Bush administration officials said they were nearing consensus on a $700 billion rescue plan for the nation’s financial system, and that a deal might be announced Sunday evening before the markets open in Asia....

On the bailout, Mr. Reid said, “We hope that sometime tomorrow evening we can announce there has been some kind of agreement in principle,” adding that it was crucial to send a reassuring message to the financial markets. “We may not have another day.”

Senator Judd Gregg, Republican of New Hampshire, who is the lead negotiator for Senate Republicans, also said there was an urgent need for action: “Failure to do this will lead to a massive fiscal meltdown in the credit markets, which will lead immediately to a meltdown on Main Street.”

Read it all.

Filed under: * Culture-Watch • Law & Legal Issues • * Economics, Politics • Economy • Housing/Real Estate Market • Stock Market • The September 2008 Proposed Henry Paulson 700 Billion Bailout Package • Politics in General

1. Barrdu wrote: And it requires the government to use its new role as owner of distressed mortgage-backed securities to make more aggressive efforts to prevent home foreclosures. What?  Like don’t collect on the bad mortgages it buys?? September 28, 12:03 am | [comment link]

2. Katherine wrote: We don’t know yet what it requires.  I hope at least that all profits will return to the Treasury and hence taxpayers, and that none will be diverted to political kitties. September 28, 2:21 am | [comment link]

Registered members must log in to comment.