Bush Announces: Deal Very Shortly On Financial Bailout
Senator John McCain says: “Time is short” to achieve a Wall Street rescue plan.
President Bush announced this afternoon that a deal may be reached shortly on the financial bailout.
President Bush says his hope is that negotiators can reach an agreement “very shortly” on a financial bailout. He commented Thursday as he joined forces on a rescue plan with Democrat Barack Obama and Republican John McCain.
The historic White House session also included congressional leaders from both parties. Bush spoke very briefly to reporters at the beginning of the meeting. No one else spoke
Bush said the nation faces a serious economic crisis if legislation is not passed.
The FDIC knows which banks are at risk and has a watch list with 117 institutions.
The Page has photos of the shindig at the White House.
UPDATE: Tom W. sends this news from tonight’s Hannity and Colmes:
According to Gingrich and Dick Morris on Hannity and Colmes tonight, McCain has killed the Paulson bailout and will present an alternate version, which will require the government to lend, not give the money, and regulations will be reformed and taxes will be loosened to help them pay us back.
Both Gingrich and Morris were giddy. They both said McCain has shown that he will stand up to anyone–including the president–to fight for the country, and he’s changed the argument: Now, the Dems support giving a trillion dollars to the Wall Street “fat cats,” as they called them over and over, but McCain has refused, in the name of the taxpayer.
Both Gingrich and Morris said that McCain had utterly and totally pwned the Dems, who will be forced to support McCain’s plan. McCain will then go to the public and explain that Obama supported the bailout, but McCain supported an alternative to giving our hard-earned cash to people who can’t run their own businesses, despite immense pressure from the president and the Department of the Treasury.
As a bonus, McCain stood up for the conservative wing of the party, not the moderates, as everyone expected him to do. Both Gingrich and Morris said McCain has totally won the argument.
Let’s hope it all pans out this way. Morris said that he’s never seen anything like this: McCain, the man of principle, united with the most effective campaigners in the history of American politics.
He was as excited and happy as I’ve ever seen him.