Congress Wants More Taxpayer Guarantees

As opposition to the Bush administration’s economic bailout plan became more strident in both parties yesterday, officials began a major push to convince Congress a deal had to be approved quickly, the New York Times reports. The White House said the results of failing to reach an accord were “unthinkable,” but Congress remained leery, seeking more protection for taxpayers.

Democrats and Republicans wanted to know why the plan doesn’t demand more—in the form of ownership stakes and oversight—from companies helped with taxpayer money. And for all the harsh words, some perhaps for the benefit of constituents, there were signs a deal would be done soon. “I think Congress will react positively at the end of the day,” Sen. Richard Shelby said. “But in what form, we’re not sure yet.” (More Ben Bernanke stories.)