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Bailout bill, once 3 pages, swells in length

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Saturday, Sept 27, 2008

A week ago, it totaled just three pages — the White House’s request for $700 billion to rescue tottering financial institutions by buying their devalued mortgage-related assets.

By Monday, after an intense weekend of negotiations, the draft of the bailout legislation before Congress had swelled to 42 pages.

By Friday, after almost a week of marathon talks between Treasury Secretary Henry Paulson and key lawmakers in both parties, the working version was up to 102 pages.

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It likely will grow even longer as negotiators continue to tweak the proposal this weekend, adding and subtracting key elements.

Rep. Barney Frank, D-Mass., the House Financial Services Committee’s chairman, was optimistic Friday that a final agreement could be reached by Sunday.

This article was posted: Saturday, September 27, 2008 at 3:53 am

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