Word: paulson
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Dates: during 2000-2009
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...suspending his campaign and asking to postpone last Friday's debate in order to deal with the financial crisis, John McCain kept a decidedly low profile in the final days of negotiations. His staff said McCain kept track of events by phone, keeping in touch with Treasury Secretary Henry Paulson and House minority leader John Boehner, and calling members on both sides of the aisle, urging them to support the deal. "I'm proud that we were able to get this done, and I'll give the credit to everybody else," McCain insisted on ABC's This Week on Sunday...
...page bill gives Paulson the $700 billion he requested in a three-page proposal 10 days ago but divvies the money up: $250 billion immediately, with another $100 billion upon request of the President. The rest, if and when it is needed, will require the approval of Congress. And the money comes with strings. Paulson must report back to Congress more often and transactions must be posted online within two days. The House is expected to take up the bill on Monday and the Senate aims to pass it by Wednesday...
...Once the bill is signed into law, Paulson will have many options open to him on how to unclog the credit markets, which Senator Judd Gregg, the top negotiator on the bill for Senate Republicans, described as a massive car accident in the middle of the highway. The government must clear the accident away by buying the toxic debt so that normal traffic can flow freely. One avenue will be to do a reverse auction, where banks compete to sell the Treasury their bad paper, with the Treasury choosing the lowest offers. The Treasury may also directly negotiate with companies...
...lawyers removed. They also got the Treasury Department to establish a federally backed insurance program for the debt - an alternative solution that is easier on the taxpayers but more expensive for the already cash-strapped banks - though the Treasury would not be required to actually use the program, and Paulson has expressed opposition to such a route...
...Treasury Henry M. Paulson’s original $700 billion bailout plan remains largely intact. Originally conceived and announced last week amid unprecedented U.S. bank failure and market turmoil, the bailout plan will appear in front of the House of Representatives this morning. The aim of the Paulson proposal, if passed, will be to inject liquidity into the stagnant credit markets, which must be greased in order to prevent further deterioration of the financial sector. The $700 billion bailout is an appropriate short-term tactic and should stabilize the U.S. economy, buying time to address root problems. The credit market...