Bailout deal reached

Bailout deal reached 

WASHINGTON: Warned that time was running short to bolster the distressed economy, congressional Republicans and Democrats reported agreement in principle early this morning (Singapore time) on a bailout of the US financial industry.

It will be presented to the Bush administration in hopes of a vote within days, they said.

The news came as congressman here emerged from a two-hour negotiating session.

Democratic Senator Chris Dodd said: ‘We are very confident that we can act expeditiously.’

Sen Bob Bennett, a Republican, said: ‘I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the President.’

The progress was reported just hours before President George W. Bush was to meet presidential contenders Barack Obama and John McCain at the White House to clear obstacles to the unpopular rescue plan.

Crucial lawmakers said few obstacles remain.

Associated Press

 
Source : Straits Times - 26 Sept 2008

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