Friday, September 26, 2008
President George W Bush has said the $700 billion (£380bn) US financial bail-out plan will be passed by Congress although there are disagreements over some elements.
Negotiations on the financial rescue plan have resumed on Capitol Hill where the Bush administration’s proposal has met resistance from sceptical politicians.
As the White House presses hard for a deal, Vice President Dick Cheney – who can cast a tie-breaking vote in the Senate on the legislation – cancelled trips to New Mexico and Wyoming to “assist” with the talks.
Mr Bush told reporters: “There are disagreements over aspects of a rescue plan but there is no disagreement that something substantial must be done.
“The legislative process is sometimes not very pretty, but we are going to get a package passed. We will rise to the occasion. Republicans and Democrats will come together and pass a substantial rescue plan.”
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Mr Bush has warned of huge job losses and financial chaos in the US if the plan does not go ahead and previous talks between Democrats and Republicans to approve any deal broke up without agreement.
Senator Richard Shelby said the proposals put forward by US Treasury Secretary Hank Paulson constituted a “bad plan”. The comments shocked US political pundits who had widely expected an announcement that the plan had been agreed.
Both presidential candidates John McCain and Barack Obama took part in talks after being invited by Mr Bush.
Meanwhile, Prime Minister Gordon Brown is due to meet Mr Bush for talks on the crisis. The surprise White House visit is a last-minute addition to the Prime Minister’s schedule on his trip to the United Nations in New York.
This article was posted: Friday, September 26, 2008 at 11:30 am