The status of a rescue plan for the nation’s financial system was in doubt on Thursday, at least for the moment, as lawmakers emerged from a meeting with President Bush to say that negotiations had a ways to go.
One critical snag seems to be opposition to the $700 billion plan by conservative House Republicans.
“My hope is that we can get a deal,” said Senator Christopher J. Dodd, chairman of the Senate Banking Committee, hours after House and Senate negotiators had announced that an accord was at hand. President Bush had hoped that an agreement could be announced after the late-afternoon meeting.
…the new House Republican counter-proposal included ideas about private mortgage insurance and a cut in the capital gains tax that Mr. Paulson had already testified would not work.
So they want to give $700 Billion to people for fucking up the economy AND tack on a capital gains cut?
Can a reader in Washington tell me if blood is running in the streets and if not, why not?