Word: congressed
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...month ago, when the U.S. financial system was melting down, the urgency of the crisis compressed the political and ideological distances between America's top economic players, allowing Congress to pass a massive rescue bill in a matter of days. Now that the most acute phase of the crisis appears to have passed, those natural divisions are once again opening...
...Congress returns to Washington this week for a five-day lame-duck session, and Republicans and Democrats are gearing up for the first skirmishes in what promises to be a war to remake the U.S. economy. Fights are breaking out within the parties too. Liberal and centrist Democrats are arguing over how fast to push their agenda. Republicans in the Bush Administration and Congress are split over whether to continue deep intervention in the markets. (Read "10 Things to Do with Your Money Right...
...battle lines were drawn up while Congress was away over the past month...
Democrats are emboldened by their election victory but don't yet enjoy the broad margins they will have in the new session that begins in January. Yet there are high-stakes issues that can't wait. This week Congress will try to approve a bridge loan for the auto industry and a stimulus package that includes unemployment benefits, Medicaid help for the states and some assistance for small businesses. House Banking Committee chairman Barney Frank will call on Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson for a roasting on how the $700 billion bailout - passed...
...that the most dangerous part of the crisis appears to have passed. "There wasn't much of a debate" among Bush's top economic advisers about using part of the bailout money to help automakers, says a senior Treasury Department official. Of the first $350 billion released by Congress last month under the emergency bill - called the Troubled Asset Relief Program (TARP) - only $60 billion remains. "Everyone felt the same way: the TARP is for the financial industry," says the senior Treasury official...