Reid, McConnell Say Agreement Nears on Rescue Program (Update2)

[steve2470]

http://www.bloomberg.com/apps/news?pid=20601087&sid=a3gkShj0XmSM&refer=home

Last Updated: September 27, 2008 19:39 EDT (added on edit)

Sept. 27 (Bloomberg) -- U.S. Senate leaders said they expect to hammer out a $700 billion bank-rescue package before financial markets start to open late tomorrow, even as House Republicans said they wouldn't be held to an ``artificial timeline.''

Leaders of both parties were meeting with Treasury Secretary Henry Paulson this evening to negotiate the details of his proposal to buy bad mortgage-related assets from financial companies reeling from record home foreclosures.

``It would be my hope that this could be resolved today, that we'd have a day for the American people and members of Congress to review the legislation on the Internet,'' said House Speaker Nancy Pelosi, Democrat of California. ``One thing is for sure, we are not leaving until this legislation is passed.''

Lawmakers are concerned that further delay on the week-old proposal will add to turmoil in global financial markets after the failure this week of Seattle-based Washington Mutual Inc., the largest U.S. bank ever to go bust. President George W. Bush, in his weekly radio address today, said that a rescue plan is needed to avoid ``a deep and painful recession.''

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[Demeter]

1. I Hate the Traitor Nancy Pelosi, and Hope She Lives to Lose Every Penny