Deal or no Deal? Financial Rescue Plan Dead?

By: AP Email
By: AP Email
Is the financial meltdown plan in danger of melting down?

President Bush, second from right, meets with congressional leaders during a meeting in the Cabinet Room of the White House, Thursday, Sept. 25, 2008, in Washington to discuss the proposed bailout of the financial industry. Seated from left are Republican presidential candidate Sen. John McCain, R-Ariz., Minority Leader Sen. John A. Boehner, R-Ohio, Speaker of the House Rep. Nancy Pelosi, D-Calif., and Senate Majority Leader Sen. Harry Reid, D-Nev (AP Photo/Pablo Martinez Monsivais)

Washington (AP) Is the financial meltdown plan in danger of melting down?

Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke have gone back to Capitol Hill tonight to try to revive or rework the $700-billion financial rescue plan.

Their return follows a White House meeting between President Bush and key members of Congress that broke up with conflicts in plain view.

Earlier today, key lawmakers claimed agreement on an outline and crucial details of the plan aimed at staving off national economic disaster.

Congressional aides say the tentative accord gave the Bush Administration just a fraction of the money it wanted up front, with half the $700 billion total subject to a Congressional Veto.

But conservatives were still in revolt, balking at the astonishing price tag and the heavy hand of government that it would place on private markets.

Alabama Senator Richard Shelby, the top Republican on the Senate Banking Committee, emerged from the meeting to say the announced agreement ``is obviously no agreement.''

Both of Congress' Republican Leaders, Representative John Boehner and Senator Mitch McConnell, also denied there was any deal.

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