Accord reached on huge US financial rescue

September 29th, 2008 - 9:59 am ICT by Amrit Rashmisrisethi  

US Congressional leaders and the Bush administration Sunday morning (Thai time) had struck an accord to insert the US government deeply into the American financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets backed by faltering home mortgages.

(Agencies) US House and Senate negotiators from both Democrats and Republican parties emerged with US Treasury Secretary Henry M. Paulson Jr. at 12:30 a.m. on Sunday from a marathon session in the US Capitol to announce that they had reached a tentative agreement on a proposal to give Paulson broad authority to organize one of the biggest US government interventions in the private sector since the Great Depression in the US.

Full details of the plan were not immediately available. US lawmakers said their staffs would be working through the night to assemble the package and post it on the Internet.

“We’ve made great progress, but we have to commit it to paper before we can formally agree,” said US House Speaker Nancy Pelosi (Democrat-California), who has pledged to make the plan available to the public for at least 24 hours before the US House votes on it. A vote could come as early as Monday in the House, with the Senate expected to follow soon after.

“We’ve been working on this a long time. We’ve still got more to do to finalize it, but I think we’re there,” Paulson said. “So far, so good.”

Source : National News Bureau, Public Relations Department of Thailand


Posted in Thailand |