Breaking: Lawmakers Reach Agreement on Bailout

UPDATE:  Never mind.  Maybe.  Sounds like work continues tonight after the White House summit with Obama and McCain, whose attempts to shore up his campaign with a high-profile intervention are just a bit too obvious.  As are his efforts to avoid tomorrow night’s debate.  (Oh, and note to the AP: when you publish an update to a previous story, please use a new hyperlink instead of cutting and pasting new text into the old one.  Thanks ever so.)

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I guess this means McCain won’t be able to postpone tomorrow night’s debate till October 2, which would postpone the VP debate till, um, sometime after November 4, if at all possible.

As for the plan:

House Speaker Nancy Pelosi, D-Calif., said Bush’s agreement with Democrats on limiting pay for executives of bailed out financial institutions and giving taxpayers an equity stake in the companies cleared a significant hurdle.

The core of the plan envisions the government buying up sour assets of shaky financial firms in a bid to keep them from going under and to stave off a potentially severe recession.

It was not yet clear how lawmakers had resolved lingering differences over how to phase in the eye-popping cost – a measure demanded by Democrats and some Republicans who want stronger congressional control over the bailout – without spooking markets. A plan to let the government take an ownership stake in troubled companies as part of the rescue, rather than just buying bad debt, also was a topic of intense negotiation.

Wait!  Bush agreed with Democrats?  Maybe Sarah Palin’s pastor is right — the last days are just around the corner.

4 Responses to “Breaking: Lawmakers Reach Agreement on Bailout”

  1. Not so fast my friend. Richard Shelby of Alabama says there is no agreement. And, although Pelosi, Reid, Bush et al say otherwise, the House Republicans are not on board and Pelosi and Obama will not allow this to embarrass them without equal embarrassment to the Republicans.

    The discussion is just beginning.

  2. Jennifer says:

    I got a great email last night suggesting each taxpayer be given $450,000 to spend, effectively boosting the economy and bailing out the banks. Can we vote on that one???

  3. Kathy says:

    No, Jennifer! See, that would be welfare. And we can’t have people depending on handouts from the government.

    /snark

  4. Almod says:

    See, what we really need right now is a picture of John McCain standing on the deck of an aircraft carrier in front of a large “Mission Accomplished” banner.

    Everything was going well, and they were close to a deal. Then Sen. McCain announces that he’s riding in to “save” everything. CRASH! BURN!

    Job well done, senator. Job well done.

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