Urgent work on $700B bailout plan appears to stall

September 26th, 2008 - 3:00 pm ICT by Amrit Rashmisrisethi  

Urgent efforts to lash together a $700 billion rescue plan for the US economy appeared to be stalling Thursday night, hours after key US lawmakers had declared they had reached a deal.

(Washington)-Weary congressional negotiators hurried back to work, joined by US Treasury Secretary Henry Paulson in an effort to revive or rework the proposal that US President Bush W Bush said must be quickly approved by Congress to stave off US economic disaster. Congressional leaders said US Federal Reserve Chairman Ben Bernanke might come to Capitol Hill, too, if enough progress was made. The meetings were to continue into the night.

After six days of intensive talks on the unprecedented package proposed by the Bush administration, with Wall Street tottering and presidential politics intruding six weeks before the election, there was more confusion than clarity.

The day’s earlier apparent breakthrough, announced with fanfare at midday, was followed by a White House summit bringing together President Bush, presidential contenders John McCain and Barack Obama, and top congressional leaders.

But that meeting, aimed at showing unity in resolving a national financial crisis, broke up with conflicts in plain view.

Source : National News Bureau, Public Relations Department of Thailand

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