Detroit Free Press
September 25, 2008
Congressional leaders from both political parties said today they had agreed to the outlines of a proposed $700 billion bailout of U.S. financial markets, with limits on executive pay and help for homeowners in distress.
The agreement came a few hours ahead of a meeting called by President George W. Bush with House and Senate leaders, along with presidential candidates John McCain and Barack Obama this afternoon.
Lawmakers said many of the final details were still being hammered out, and that the deal still needed input from the Bush administration, but that the map for the largest government move in the U.S. financial system since the Great Depression had been drawn.
“We are prepared to act expeditiously on a plan with our colleagues that will allow us to send a very strong message to the markets,” said Sen. Christopher Dodd, D-Conn.
The Dow Jones Industrial average was up about 240 points after the deal was announced.
Sen. Bob Bennett, R-Utah, said lawmakers had a deal “that will pass the House, pass the Senate, be signed by the Senate and bring a sense of certainty to the markets.”