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Sunday, September 28, 2008

Agreement Reached on Bail Out Bill

George Wenschhof

At 12:30 AM ET, Congressional Leaders involved in the negotiations held a short press conference to announce they have reached an agreement in principle on the finance rescue plan. They were quick to also say people will be working all night to put the agreement to paper with an aim to present tomorrow to members of Congress.

No details of the plan were given other than Senator Majority Leader Reid (D-Nev.) gave credit to an idea presented by House Speaker Nancy Pelosi (D-Calf.) just a hour ago being the cause of the break through.

House Speaker Nancy Pelosi, Senate Majority Leader Reid, Republican Senator Judd and Representative Blunt all spoke briefly, as did Treasury Secretary Paulson. Democratic Senators Schumer and Dodd along with Representative Barney Frank were also there for the photo-op.

Although no details were given, Pelosi did reiterate the need for oversight included in this legislation to stabilize markets to protect the American tax payer.

This is a tentative deal so stay tuned.


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