Word: paulson
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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...
...while the Bush Administration bailout plan does require an unprecedented outlay of taxpayer funds, White House officials say the cost of a crippled economy would be an even greater burden on average Americans. Treasury Secretary Henry Paulson believes that while the House Republican proposal would help moderate the current crisis, it wouldn't be enough to do the job. Nor is it the most effective way, Treasury officials argue. Leaving those toxic mortgage-backed assets on financial institution balance sheets, they say, would not provide the additional liquidity that banks desperately need right now to get the nation's paralyzed...
...talks resumed, House Minority Leader John Boehner sent Pelosi a letter making it clear that his members will not back down from their insistence that the proposal undergo a major redesign. "If such consideration is not given, a large majority of Republicans cannot - and will not - support Sec. Paulson's plan," Boehner wrote. "In the interest of the men and women we represent in Congress, I hope it does not come to that conclusion...
...discussed is a hybrid plan, in which Treasury would either have the authority, or possibly be required, to both buy some troubled assets and to insure them. One aide involved in the negotiations said that some estimates suggest such a plan would be only half as expensive as Paulson's initial proposal. Most importantly, it would allow wary members of Congress to say they didn't give the Administration such a huge share of taxpayer money, even if Treasury ultimately decides to use most...
...House Democrats are not certain about such a hybrid approach and would prefer to offer insurance as just one of several tools open to Paulson, but not mandate that he use it. "I do not see why the secretary cannot accept some of those (insurance and/or loan provisions) among the options he has to choose from," Pelosi said. Congressional officials believe they have until Monday morning to come up with a package. Congress is preparing to work into the weekend with the aim of passing something by the end of Sunday, or at least having the deal locked down...