White House
27 September 2008
U.S. lawmakers are continuing talks on a massive rescue plan for America's struggle financial services industry. VOA White House Correspondent Scott Stearns reports, U.S. President George Bush is facing opposition from members of his own party who object to the cost of the plan.
In the Democratic radio address, House Majority Leader Steny Hoyer says "The money spent must be accounted for".
"This Congress does not write $700 billion blank checks" he said. "There will be strong oversight of where and how that money is spent. Taxpayer money can not fund lavish bonuses or golden parachutes for CEO's whose irresponsibility helped bring on this meltdown."
Though not included in his original plan, President Bush has agreed to limits on executive compensation and a bipartisan board to oversee the purchase of failing securities.
Lawmakers continued to work on the plan Saturday. Two top Democrats, Senate Majority Leader Harry Reid and the Chairman of the House Financial Services Committee Barney Frank, say they believe a deal can be in place by Sunday. Lawmakers hope to announce an agreement before Asian markets open Monday.