Bail-Out Stalls; Republicans Offer Alternative Plan
The fate of a $700 billion Wall Street bailout remained unclear as a White House meeting of both parties ended without an agreement and some participants said talks had hit a major snag and may even be dead.
After several hours of talks with President George W Bush, members of congress said more work was needed.
House Republican lawmakers offered an alternative plan calling for Wall Street firms to purchase insurance on mortgage-backed securities and advocating tax cuts and relaxed regulations. Treasury officials had previously rejected a plan focusing on insurance in favor of one that purchased troubled assets.
Published on September 26, 2008
Are you retail Agent Looking for a Quote?