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Capitol Hill negotiations on bailout bill continue

Congressional lawmakers held another round of talks Friday in an effort to reach an agreement on a bill to provide relief for the financial sector and homeowners. President Bush made another push for

News 12 Staff

Sep 27, 2008, 12:57 AM

Updated 5,772 days ago

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Congressional lawmakers held another round of talks Friday in an effort to reach an agreement on a bill to provide relief for the financial sector and homeowners.
President Bush made another push for lawmakers to come up with a bailout bill to vote on Friday morning. Throughout the day, negotiations continued and tensions between Capitol Hill Democrats and Republicans were high.
A group of House Republicans remained adamant against the original plan put forth by Transportation Secretary Henry Paulson.
?Unlike the Paulson plan, our plan makes Wall Street pay for Wall Street's mistakes,? Illinois Congresswoman Judy Biggert (R) said. ?Unlike the Paulson plan, it calls for a workout - not a bailout.?
?We will work with the president?s plan and modify it to make it better for taxpayers and homeowners,? Senate Majority Leader Harry Reid (D) said. ?We want to make sure there is oversight.?
Meanwhile, Long Island residents have mixed opinions on the rescue plan but say there needs to be a deal soon.
The bailout negotiations broke down Thursday night after lawmakers met with the president along with Senators John McCain and Barack Obama. McCain spent part of Friday on Capitol Hill before heading to Mississippi for the first presidential debate. Both candidates said they were optimistic a deal would be reached.


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