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Lawmakers report progress on financial rescue deal
San Francisco Chronicle via AP ^ | September 27, 2008 8:27 PM PDT | CHARLES BABINGTON

Posted on 09/27/2008 9:26:18 PM PDT by BAW

Nervously eyeing the markets' next trading session, key lawmakers in both parties and Treasury Secretary Henry Paulson worked late into the night Saturday trying to close an agreement on a multibillion-dollar government bailout of distressed financial companies.

House Speaker Nancy Pelosi, D-Calif., told reporters "quite a bit" of progress was being made on a deal that Congress could send to President Bush as early as Monday after votes in both houses.

A key sticking point was how to include a new government-sponsored insurance program demanded by House Republicans as an alternative to devoting the entire $700 billion buying up devalued mortgage-backed securities and other toxic debt from banks and investors.

We're making a lot of headway; I think it's possible to get this thing done tonight," said Senate Finance Committee Chairman Max Baucus, D-Mont. "I can't guarantee it," Baucus quickly added.

The House was scheduled to convene at 1 p.m. EDT Sunday and members there were hoping they could vote on a bill by that evening and go home to campaign for re-election. The Senate isn't scheduled to go back into session until Monday

(Excerpt) Read more at sfgate.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: acorn; acornslushfund; bailout; democrats; obama
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Status check just posted online by the San Fran Chronicle (Speaker Pelosi's hometown newspaper). The House Republicans idea of a gov't sponsored insurance program is getting more main stream in these news articles.
1 posted on 09/27/2008 9:26:19 PM PDT by BAW
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To: BAW

i don’t trust nancy pelosi.


2 posted on 09/27/2008 9:27:15 PM PDT by ken21 (people die and you never hear from them again.)
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To: BAW

FoxNews has gone to breaking news mode. Awaiting statement...


3 posted on 09/27/2008 9:27:39 PM PDT by anniegetyourgun
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To: anniegetyourgun

Better not include ACORN


4 posted on 09/27/2008 9:28:20 PM PDT by whitedog57
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To: BAW
Nervously eyeing the markets' next trading session...

Or are the backers of the bailout worried about grand jury indictments on Monday....

5 posted on 09/27/2008 9:28:58 PM PDT by mewzilla (In politics the middle way is none at all. John Adams)
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To: anniegetyourgun

This is live, correct?


6 posted on 09/27/2008 9:29:50 PM PDT by Protect the Bill of Rights (Stand up, Chuck)
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To: ken21

...i don’t trust nancy pelosi.
::::::::::
You should not. She is a radical socialist of the worst kind and is more incompetent than Jimmah Carter, by all rights. That is one DANGEROUS combination and the idiot voters of 2006 made her happen to us.


7 posted on 09/27/2008 9:30:07 PM PDT by EagleUSA
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To: Protect the Bill of Rights

A done deal or posturing? SHe seems very flustered


8 posted on 09/27/2008 9:30:43 PM PDT by Protect the Bill of Rights (Stand up, Chuck)
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To: mewzilla
Senator Hides His Sweet Deals When Will He Release Records?

Mentions that LA grand jury....

Yeah, let's hear it for the bailout. The pols are trying to stay one step ahead of the posse...

9 posted on 09/27/2008 9:30:46 PM PDT by mewzilla (In politics the middle way is none at all. John Adams)
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To: All

Paulson speaking....claim there is a deal...will be reduced to writing for approval tomorrow.


10 posted on 09/27/2008 9:33:33 PM PDT by anniegetyourgun
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To: mewzilla

No repubs here, what is going on? Is this some new thing the DEMS are proposing?


11 posted on 09/27/2008 9:33:38 PM PDT by LegalEagle61 (If you are going to burn our flag, please make sure you are wearing it when you do!)
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To: mewzilla

I am only hearing what I have heard for days...a deal is near.

Could this just be a psych out, a grandstand?

Will the GOP be out?
Only Shumer looks happy.


12 posted on 09/27/2008 9:33:58 PM PDT by Protect the Bill of Rights (Stand up, Chuck)
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To: Protect the Bill of Rights

I want to hear from the House Repubs, can’t trust these people


13 posted on 09/27/2008 9:34:45 PM PDT by LegalEagle61 (If you are going to burn our flag, please make sure you are wearing it when you do!)
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To: Protect the Bill of Rights

Screw Main Street-too damned dangerous.

I think this is an act.


14 posted on 09/27/2008 9:34:46 PM PDT by Protect the Bill of Rights (Stand up, Chuck)
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To: Protect the Bill of Rights

I want to hear some substance, like what is in this bill as far as PORK!!!


15 posted on 09/27/2008 9:35:31 PM PDT by LegalEagle61 (If you are going to burn our flag, please make sure you are wearing it when you do!)
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To: All

Rep Blunt speaking....says we need to see where we are “on paper” tomorrow. He sounds much more tentative.


16 posted on 09/27/2008 9:35:33 PM PDT by anniegetyourgun
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To: LegalEagle61

If there was a true deal then the GOP would be out there also.

SOMETHING is up.


17 posted on 09/27/2008 9:36:00 PM PDT by Protect the Bill of Rights (Stand up, Chuck)
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To: anniegetyourgun

I bet Acorn is still there


18 posted on 09/27/2008 9:36:07 PM PDT by LegalEagle61 (If you are going to burn our flag, please make sure you are wearing it when you do!)
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To: All
Reaction from Blunt will come after he hears from his Republican constituents.

Dodd wants to now praise Speaker Pelosi and Leader Reid.

19 posted on 09/27/2008 9:36:56 PM PDT by anniegetyourgun
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To: anniegetyourgun

Blah blah blah blah. We are anouncing that we will have an anouncement tomorrow. What a load of horse poop!!!


20 posted on 09/27/2008 9:37:08 PM PDT by Drill Thrawl (Drill Baby, Drill - Drill Thrawl)
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