Senators Balk at Quick Bailout Plan: ; Members Demand Big Changes
Charleston Gazette › September 24, 2008
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Summary
WASHINGTON - Senators dug in their heels Tuesday, pushing back against dire warnings from the government's top economic officials of recession, layoffs and lost homes if Congress doesn't quickly approve the Bush administration's emergency $700 billion financial bailout plan.
Congressional leaders still predicted passage - with significant changes - but Wall Street's nerves were hardly soothed. The Dow Jones industrials sank 161 points and now are off more than 500 this week after initially surging on the bailout announcement last week.See the full content of this document
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Senators Balk at Quick Bailout Plan: ; Members Demand Big Changes
Deepening market trouble was just one piece of the economic havoc that Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson told senators would ensue if Congress lags in acting on the administration's proposal to rescue tottering financial institutions.
"I share the outrage that people have," Paulson said. "It's embarrassing to look at...See the full content of this document
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