Unofficial Deal Reached in Congress on Financial Bailout Bill

Word has just come in that congress has reached at deal; however, this deal has NOT been written down officially on paper yet.  This was a verbal deal made between Congressional leaders and the Bush administration.  The House is expected to vote on this bill later today (Sunday), and then pass it on to the Senate for a vote on Monday.  Treasury Secretary Henry Paulson told reporters that the deal still has to be officially finalized, but “I think we’re there.”

Earlier in the night, Speaker of the House Nancy Pelosi (D-CA) told reporters that “quite a bit” of progress had been made.

Earlier in the night, Senate Finance Committee Chairman Max Baucus had told reporters, “We’re making a lot of headway; I think it’s possible to get this thing done tonight, [but] I can’t guarantee it.”  It appears as if this deal was reached sometime within the last hour, sometime just after midnight.

I really want to see the guts of this bill before I make a final judgment on it – I just hope that we’re not going to waste more taxpayer money on something that will completely plunge our economy into the ground.

I’ll give any updates as soon as I get them, which probably won’t be until the House convenes tomorrow.

Done Reporting,

Ranting Republican
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One Response to “Unofficial Deal Reached in Congress on Financial Bailout Bill”

  1. dougist Says:

    The farther away from the intersection of Wall and Nassau street the more unnecessary Treasury’s plan looks. But that distance only fogs the vision of a banking system ready to fail, with massive implications for our nation.

    I wrote about it here:

    Lets hope that by Thursday Congress will finally do the right thing and we will never have to find out if I, and ever other finance executive in New York are right about the depths of this crisis.


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