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If the men and women elected to govern our country can not work together to put a halt to the bleeding wound occurring to the country and the lack of fiscal control where should we turn.
To ourselves do we need to be told not to continue to buy on credit, to spend more than we make, to teach our children that another electronic game made in China for $1.79 and sold to us for $39.95 is not a necessity.
Now will someone tell our elected officials that now that the proverbial S_ _ t has hit the fan is not time to pretend as if they did not know that it would fly back in their face.
Dodd Says Lawmakers Agree on `Principles’ of Deal (Update2)
By James Rowley
Sept. 25 (Bloomberg) — Senate Banking Committee Chairman Christopher Dodd said Republicans and Democrats have agreed on a “set of principles” for a financial-rescue package.
“We believe that we’re prepared to act expeditiously on a package” that will “send a message to the markets,” Dodd told reporters on Capitol Hill.
Republican Senator Robert Bennett of Utah said lawmakers would have legislative language by the end of the day and that the plan would pass.
“I now expect we will indeed have a plan that can pass the House, pass the Senate, be signed by the president and bring a sense of certainty to this crisis that is still roiling in the markets,” Bennett said. “That is our primary responsibility and I think we are now prepared to meet it.”
Dodd said that lawmakers from the Senate Banking Committee and House Financial Services Committee agreed to the plan to buy troubled assets in order to calm financial markets.
The agreement reached by lawmakers today includes provisions on oversight of the Treasury-run program, executive pay and a section on homeownership preservation, Dodd said.
“We’re very confident that we can act expeditiously,” he said.
President George W. Bush warned in a nationwide address last night that “without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold.”
Bush will meet this afternoon with congressional leaders as well as Republican presidential candidate John McCain and his Democratic rival Barack Obama on the rescue plan.
To contact the reporters on this story: Catherine Dodge in Washington, at Cdodge1@bloomberg.net; Roger Runningen in Washington, at rrunningen@bloomberg.net
Last Updated: September 25, 2008 13:26 EDT
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