Wall Street Rescue Negotiations

September 26, 2008 12:00:00 AM PDT
In Washington, it's another day of high anxiety as lawmakers work on a plan to rescue the nation's financial markets. For the third time in three days, President Bush made a personal appeal to get the job done. The major question in Washington today: Will congress approve an economic bailout package?

The answers are muddled and even the president admits the road ahead is rocky.

"The legislative process is sometimes not very pretty but we are going to get a package fast. But we are going to get a package passed. We will rise to the occasion," said President Bush, "but there are some fundamental disagreements."

Democrats from both houses and Republicans in the Senate have been leaning towards the bush bailout plan. But many house Republicans say they are philosophically opposed to government bailouts, even in times of crisis. "Democratic lawmakers say it's time for the president to exert some executive pressure," said Representative John Boehner (R), Minority Leader.

"We are behind the 8 ball. We have to put things back together again. So this is a plea to President Bush, for the sake of America, please get your party in line," said Senator Charles Schumer (D).

Democrats have enough votes to pass the plan themselves but don't want to go it alone.

Senator McCain met with house Republicans Friday morning to help move the process along. A senior Republican aide described McCain's message this way: 'We need a deal. We need a deal. We need a deal.'



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