[Vision2020] Congress: We have {Bailout] deal

[Tom Hansen]

>From CNN at:

http://tinyurl.com/3jzjdy

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Congress: We have deal

Lawmakers agree on principles to send to Bush - say plan to protect 
taxpayers and ensure oversight.

By Tami Luhby, CNNMoney.com senior writer
September 25, 2008: 1:28 PM ET

NEW YORK (CNNMoney.com) -- Lawmakers have reached a bipartisan deal on the 
$700 billion financial bailout plan being pushed by the Bush 
administration.

Both parties and both houses agreed Thursday to a set of principles on 
revisions to the rescue plan, which calls for the Treasury Department to 
buy up bad mortgage securities from banks in an effort to get them to lend 
again.

The deal will help homeowners, curb executive pay packages at 
participating firms and provide oversight of Treasury's actions, said Sen. 
Christopher Dodd, D-Conn., a key architect of the congressional effort. He 
did not provide details but said lawmakers will sit down with Treasury 
officials to discuss it.

"We've reached a fundamental agreement on a set of principles, one, for 
taxpayers, which is tremendously important," Dodd said.

Americans should "legitimately feel better about the overall approach," 
said Rep. Barney Frank, D-Mass., who heads the House Financial Services 
Committee.

Taxpayers will be protected under the Congressional version of the 
bailout, said Rep. Spencer Bachus, R-Ala., the top Republican on the House 
Financial Services Committee.

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Seeya at Farmers' Market, Moscow.

Tom Hansen
Moscow, Idaho

"We're a town of about 23,000 with 10,000 college students. The college 
students are not very active in local elections (thank goodness!)."

- Dale Courtney (March 28, 2007)


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