Washington
25 September 2008
Leading members of the U.S. Congress say they have reached an agreement on the principles for the Bush administration's plan for a massive bailout of the nation's troubled financial sector. But, negotiations continue on the specifics of the proposed $700 billion bailout. VOA's Dan Robinson reports from Capitol Hill.
As around the clock talks continued behind closed doors on Capitol Hill Thursday, Democratic and Republican leaders gave their assessment of where efforts stand to produce bipartisan legislation that could attract enough votes to pass.
Lawmakers from both major parties have received a flood of messages from constituents, most of them critical of the Bush administration proposal.
House of Representatives Speaker Nancy Pelosi says there are differences on both sides of the political aisle about what form a final measure should take. But she says Congress will act quickly.
"Everybody knows that we must intervene. So we will act and we will act deliberatively in a bipartisan way and soon," said Pelosi.
House Minority Leader John Boehner says he has been working with Pelosi to craft bipartisan legislation. He addressed concerns among Republicans. But despite news reports saying a deal was near, Boehner said no decisions have been made yet on a measure to bring to the House floor.
"Concern remains over the plan as presented by the Secretary of the Treasury. And so there have been ideas kicked around and discussed about how that might be modified, but there are no decisions yet," said Boehner.
House Speaker Pelosi cited as progress President Bush's agreement with majority Democrats on the need to limit pay for executives of financial institutions.
She also addressed another proposal to allow the government to assume an ownership stake in troubled companies as part of efforts to ensure that taxpayers have greater protections under the White House plan.
"The bill that is out there allows for the approach the administration wants to take of buying up the commercial and residential [mortgage-based] paper, and also to be able to have warrants or an equity position," added Pelosi.
President Bush used a nationwide televised address on Wednesday to urge Americans to support the proposed $700 billion bailout plan, under which the government would purchase de-valued mortgage-based assets held by investment firms and banks threatened with collapse.
Assessments by Representatives Pelosi and Boehner came ahead of an appearance at the White House by the two major presidential candidates - Republican John McCain and Democrat Barack Obama.
Key members of Congress involved in negotiations have been in daily contact with Senators Obama and McCain.
Obama has rejected a call by McCain, who announced a suspension of his campaign to return to Washington, to delay the first presidential debate set for Friday.