Friday, September 26, 2008
House Republicans pledged to work out an agreement on some kind of financial rescue plan, but vowed to oppose any proposal that bailed out Wall Street.
“America is on the edge of an economic crisis,” House Minority Leader John Boehner told reporters. “We believe Congress needs to act and needs to act quickly. But we will not agree to a bill that sells taxpayers out to bail out Wall Street.”
As financial markets awaited some kind of deal, Democrats and Republicans planned to meet this afternoon to hammer out a plan that both sides could accept.
“We’ll discuss all options and have been for several days,” House Majority Leader Steny Hoyer told CNBC. “Even if it goes into next week, so be it. We’ll be here.”
In a letter to House Speaker Nancy Pelosi, Boehner urged that the House Republican proposals be “given the consideration they deserve.”
The proposals include:
Wall Street – Not Taxpayers – Should Fund the Recovery
Private Capital – Not Tax Dollars – Should Be Injected Into Financial Markets
Immediate Transparency, Oversight, and Market Reform
Click Here to Read Boehner’s Letter and Republican Proposals
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In a statement at the White House just as the US markets opened, President Bush acknowledged that there were disagreements but expressed optimism that Congress and the White House would come together on the proposal to rescue the U.S. financial system.
“The legislative process is sometimes not very pretty,” Bush said. “But we will rise to the occasion. We are going to get a package passed.”