Word: deal
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Around 12:30 a.m. Sunday morning, House Speaker Nancy Pelosi announced the fundamentals of a deal between House and Senate leaders and Treasury Secretary Henry Paulson to stave off financial collapse on Wall Street after a week of frenzied Hill wrangling. Declaring the $700 billion bailout plan "a way to insulate Main Street and everyday Americans from the crisis on Wall Street," Pelosi unveiled the deal with House Republican Whip Roy Blunt and the ranking Republican from the Senate banking committee, Judd Gregg, as well as Paulson and other Democratic leaders...
...remained unclear, however, how rebellious House Republicans would receive the deal. GOP Presidential candidate John McCain said Sunday morning that he hoped to support the package once he saw the details, and he consulted by telephone with Paulson throughout the Saturday evening negotiations, as did Democrat Barack Obama. Obama released a statement early Sunday calling the deal necessary, but also, "the culmination of a sorry period in our history...
...drama over the last week - John McCain's theatrical but ultimately unhelpful return to Washington, the anti-Socialist rants of House Republicans, the political maneuvering by Nancy Pelosi - the deal comes as something of an anticlimax. The market had already priced in the deal all last week, ignoring the Hill's histrionics, and Paulson and Bush were always adamant they were going to get a deal. So what did all the drama actually produce...
...detail that will be key to moving the deal forward remains muddy. Democratic aides say that at midnight last night, Pelosi suggested that the bailout deal guarantee that taxpayers recoup from financial firms any part of the $700 billion not paid back through the Treasury Department's reselling of the bad loans. "That was the last remaining issue and it was only decided after the Speaker's direct involvement," said one Democratic aide. How financial firms would be forced to pick up that tab, however, is not clear...
...designed, would be ineffective against the Russian nuclear arsenal, the U.S. has promised Poland, in return for allowing the missile installation, a Patriot missile defense system, which would be aimed at Russia and have the capability to shoot down military planes as well as missiles. Russia sees the missile deal as an opportunity for the U.S. to increase its military presence near Russian borders. Once the system is installed, Russia argues, it would be easy for the U.S. to use the system to target Russia...