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.)
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.