McClatchy: Original Treasury bailout plan is dead, but revised plan emerging

[babylonsister]

Original Treasury bailout plan is dead, but revised plan emerging

By David Lightman and Margaret Talev | McClatchy Newspapers



WASHINGTON — The Treasury's plan to spend up to $700 billion of taxpayers' money to bail out the nation's financial system was recognized as dead Wednesday as lawmakers in Congress made clear that they're going to make significant changes.

Congress intends to add terms ensuring stronger oversight of any bailout, more aid to homeowners facing foreclosure and possibly trimming back the cost of the package, at least initially.

Still, it was clear that both Congress and the Bush administration were working toward the same goal: enactment of a major financial bailout package, and soon.

"Over the last 24 hours, I've seen signs of greater cooperation from my colleagues in Congress," said Sen. Charles Schumer, D-N.Y., who's on the Senate Finance Committee. "Despite many of their well-founded reservations, (they) recognize the magnitude of the problems we face and the importance of getting something done."

One measure of Congressional distaste for the original Treasury plan came Wednesday when Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson met privately with House Republicans. Afterward, Rep. Tom Davis, R-Va., said that only four members raised their hands at the end of the meeting in a show of support for the original White House bailout proposal.

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http://www.mcclatchydc.com/227/story/53018.html

[DCKit]

1. I want the names of the four idiots who think the WH plan isn't batshit insane.

We need to keep an eye on them.