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The Senate agreed to vote on Wednesday night on a $700 billion financial rescue package that will include a sharp increase in the amount of bank deposits insured by the FDIC, but also includes a package of tax breaks the House of Representatives has rejected.
Senate Democratic leader Harry Reid received unanimous consent from the Senate on Tuesday to schedule the vote on the revised package the White House says is needed to avoid a broad economic downturn.
The rescue plan, which would allow the Treasury Department to buy problem mortgage-related assets from banks, had been the main hope for government action to unlock credit markets and head off a deeper economic downturn in the United States and abroad.
But Senate leaders attached the measure to a package to extend business and energy tax breaks that a number of House Democrats have opposed, which could imperil votes there after Monday's narrow defeat of the original bill.
House Republicans leaders quickly embraced the revised package, while House Democratic leaders issued cautious statements.
In a stunning vote on Monday that sent global markets reeling, the House rejected the bailout largely with opposition from conservative Republicans who may be lured to support a new package with the tax breaks.
"We welcome the progress made by Senators Reid and (Senate Republican leader Mitch) McConnell toward a modified bill and to schedule a vote," said White House spokesman Tony Fratto.
House Minority Leader John Boehner "was consulted on (the revised package) and gave it the green light," his spokesman said
Congress Haggles Over Bailout Plan (Update) - TheStreet.com
Cramer's Action Alerts PLUS; Biotech Select (NEW) Breakout ... Congress Haggles Over Bailout Plan (Update) 09/22/08 - 02:06 PM EDT ... Updated from Sunday, Sept. 21 Lawmakers in Washington ...
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Midday Market Update: Bail-Out Plan Sends U.S. Stocks Lower
Jonathan Vyorst, senior vice president at New York-based Paradigm Capital ... Midday Market Update: Bail-Out Plan Sends U.S. Stocks Lower 9/22/2008 12:25 PM Opening View:
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Alea | Updated Bailout Plan and Links
2 Responses to “ Updated Bailout Plan and Links ” ... The proposal formerly known as the Paulson Plan is in trouble.We have suggested that new policies are ...
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New Zealand market trades sharply higher on U.S. bailout plan
(RTTNews) - The New Zealand market was trading sharply higher on Monday, buoyed by the U.S. government's proposed $700 billion bailout of the financial markets. At 8.24 P.M., the ...
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Fannie, Freddie Bailout Near (Update) - TheStreet.com
A government rescue plan for Fannie Mae and Freddie Mac ... Fannie, Freddie Bailout Near (Update) 09/06/08 - 04:20 PM EDT ... Freddie Mac CEO Richard Syron and the companies' new ...
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Most Asian markets recover on bailout hopes
UPDATED AT 3:55 A.M. -- TOKYO -- Most Asian markets bounced back Wednesday on hopes that a $700 ... Senate was to vote Wednesday on a revised bailout plan, with a House revote expected later in the week. In New York, the Dow Jones industrial average ...
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Source: Detroit Free Press
NewsDateTime: 4 hours ago
Oil up in Asia to $101 on bailout hopes
UPDATED AT 12:46 A.M.: SINGAPORE — Oil prices rose to above $101 a barrel ... in Asia on expectations that U.S. lawmakers will pass a revised bank bailout plan that ... delivery was up 79 cents to $101.43 a barrel in electronic trading on the New ...
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Source: Detroit Free Press
NewsDateTime: 5 hours ago
Lawmakers hope new ideas will revive bailout plan
Rep. Peter DeFazio, D-Ore, left, arrives for a news conference on Capitol Hill in Washington, Tuesday, Sept. 30, 2008, to discuss a financial bailout plan. From left are, DeFazio, Rep. Marcy Kaptur, D-Ohio, Rep. Lloyd Doggett, D-Texas, Rep. Mazie ...
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Source: El Paso Times
NewsDateTime: 12 hours ago
Stocks are set to open lower in advance of Senate bailout vote
... on the government's proposed $700 billion financial sector bailout. Stocks fell sharply Monday after the House surprised Wall Street by rejecting the plan but ... For updated coverage, see the New Jersey Business News page . ...
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Source: Newark Star-Ledger
NewsDateTime: 1 hour ago
Forbes Misfortune: CEO on Paulson, Bernanke, and the Bailout Bust
CEO Steve Forbes went "On the Record" on the $700 billion bailout plan bust. This is a rush transcript from " On the Record ," September 29, 2008. This copy may not be in its final form and may be updated. GRETA VAN SUSTEREN, FOX NEWS HOST: We ...
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Source: FOX News
NewsDateTime: 9/30/2008
As news of the AIG bailout rocked Wall Street, both candidates were ready with new ads, both looking into the camera and both promising serious reform, CBS News correspondent Wyatt Andrews reports. "I'll reform Wall Street and fix Washington," John McCain said in a new ad. And Barack Obama said he would "end the 'anything goes' culture on Wall Street with real regulation." McCain, in his latest stump speech, also promises to stop Wall Street abuses before they begin. "Make sure these outrages, and they are outrages, never happen in the first place," McCain said. Here are the facts: McCain admitted as the mortgage crisis was happening he never saw it coming. This was last December. "So I'd like to tell you I did anticipate, but I have to give you straight talk, I did not," he said in Keane, N.H. McCain also said he did know how to help homeowners without also bailing out speculators. "But I can't come down yet and give you a specific, uh, solution because I don't claim to be smart enough," he said. Obama meanwhile claims he saw the meltdown from the start and introduced a law to "stop mortgage transactions that promoted fraud, risk or abuse." This claim is true. In fact, Obama introduced a 2006 bill trying to curb abusive lending. But this was one year into his Senate career and the bill went nowhere. As for Obama's claim that McCain was nowhere …this claim is false. The fact is, in March of 2005, McCain co-sponsored a bill to impose new oversight on Fannie Mae and Freddie Mac - but that bill also died.
Videos from YouTube
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,
Published on: 9/22/2008 8:03:52 PM
Title: NYC Wall St. Bailout Protest 25 September 2008
Categories: News,stock,street,bailout,protest,market,bush,nyc,wall,bank,
Published on: 9/27/2008 3:00:58 AM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,
Published on: 9/24/2008 11:32:51 AM
Title: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,
Published on: 9/17/2008 3:23:30 PM
Title: This Is How The Bail Out Will Screw You
Categories: bad,paulson,pay,off,economy,bailou,the,henry,News,loans,money,street,john,bush,financial,treasury,loan,turks,crisis,wall,republicans,mccain,young,hank,administration,secrretary,
Published on: 9/22/2008 9:44:53 PM
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