Congress Close To Bailout Agreement
Source: http://feeds.feedburner.com/~r/StocksOptionsBlog/~3/405292683/Posted on Sunday, September 28th, 2008 | In Stocks to Watch
Members of congress are close to finalizing an agreement to implement a bailout plan that would buy bad asset-backed securities from financial institutions, in an effort to try and lessen the effects of the credit crisis, which has seen credit availability to both businesses and individuals almost freeze up, putting the economy in a downward spiral.
According to Speaker of The House Nancy Pelosi, who announced the breakthrough just after midnight, Sunday morning, members of congress have settled ”our differences so we can go forward with a package to stabilize the market.”
Instead of the full $700 billion that has been bandied about, the funds will be issued in tranches. If the bailout plan is passed, $250 billion will be immediately available and a further $100 billion will be available if the president makes a request.
It is expected that a vote to approve the plan will come on Sunday.
Tags: Bailout Plan Credit Crisis
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