Congress

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Lawmakers Seek $6.6B in Earmarks
Lawmakers
Seek $6.6B
in Earmarks
Sep 26, 2008 1:00 PM CDT

Lawmakers Seek $6.6B in Earmarks

Biden requests $51.5M; Ted Stevens leads way with $238M

(Newser) - Despite campaign rhetoric against earmarks, a hefty $6.6 billion will be set aside for lawmakers’ pet projects in a $630 billion spending bill nearing approval, USA Today reports. The amount is down 11% from last year. Of note: Though both presidential candidates didn't request any earmarks this year, Joe...

McCain Will Attend Debate, Cites Progress on Bailout

(Newser) - The debate is on. With lawmakers vowing to stay on the Hill as long as it takes to get a bailout deal, John McCain’s campaign said today that he would attend tonight’s debate with Barack Obama, the New York Times reports. McCain is “optimistic that there has...

Candidates Meet With Bush
 Candidates Meet With Bush 
updated
Sep 25, 2008 4:05 PM CDT

Candidates Meet With Bush

Details emerge on how money would be doled out

(Newser) - John McCain and Barack Obama met with President Bush and congressional leaders in Washington this afternoon to discuss the evolving bailout plan, the AP reports. With the candidates' help, “my hope is that we can reach an agreement very shortly,” Bush said. Key lawmakers said they had reached...

Lawmakers: We Have a Deal
 Lawmakers: We Have a Deal 
UPDATED
Sep 25, 2008 12:57 PM CDT

Lawmakers: We Have a Deal

Dodd touts 'fundamental agreement' ahead of meeting with Bush

(Newser) - The bipartisan group of legislators working on either a Wall Street bailout or a rescue package has reached "a fundamental agreement on a set of principles," Senate Banking Committee Chris Dodd said today. Racing to make a deal before a scheduled 4pm meeting at the White House, the...

Bailout Pact Appears Near
 Bailout Pact Appears Near 
Sep 25, 2008 10:52 AM CDT

Bailout Pact Appears Near

Consensus emerges ahead of candidate meeting

(Newser) - Congressional leaders seem close to an agreement on the bailout bill, following a flurry of late-night activity, the Wall Street Journal reports. Democrats want to have all their ducks in a row before Barack Obama and John McCain meet with President Bush this afternoon, to ensure McCain gets no credit...

In Terms We Can Understand: $700B = 12 Bill Gateses

Or, $2,300 for each of America's 300M average Joes

(Newser) - Ben Bernanke and Henry Paulson have been urging Congress the past two days to authorize the largest bailout in US history. Slate breaks $700 billion into smaller bites:
  • $2,300 per person (based on the US population of 300 million)
  • 12 Bill Gateses
  • 381 Hollywood blockbusters (Titanic made $1.8
...

Congress Wants More Taxpayer Guarantees

Amid dire warnings and political theater, sides inch closer to compromise

(Newser) - 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...

Buffett's Goldman Buy Stabilizes Stocks
 Buffett's Goldman Buy 
 Stabilizes Stocks 
MARKETS
Sep 24, 2008 9:16 AM CDT

Buffett's Goldman Buy Stabilizes Stocks

Sage of Omaha backs Paulson

(Newser) - Stocks rose slightly at the open, reports the Wall Street Journal, buoyed by Warren Buffett’s $5 billion vote of confidence in Goldman Sachs. The Dow Jones rose 21 points, while the S&P rose 0.3%, and the Nasdaq 0.9%. Capitol Hill will again command Wall Street's attention...

At $231M, Kerry Is Congress' Richest

Though, Roll Call cautions, financial disclosure forms an unreliable source

(Newser) - John Kerry leads Roll Call's annual list of the 50 richest members of Congress, with a fortune estimated at $231 million. But financial-disclosure rules make it impossible to get a complete picture of lawmakers' assets, so Kerry, John McCain (No. 13, with $20 million), and the rest of the top...

Wrangle Over $700B Bailout Heats Up
Wrangle Over $700B Bailout Heats Up
Sep 23, 2008 6:58 AM CDT

Wrangle Over $700B Bailout Heats Up

Lawmakers seek pay caps, homeowner help, as doubts mount

(Newser) - Congress and the Bush administration are edging closer to an agreement on a bailout for financial firms—but several major sticking points remain, the New York Times reports. Progress has been made on oversight for the $700-billion fund, but lawmakers are pushing for taxpayers to get an equity stake in...

Dems Set Their Own Terms for Bailout Plan

Congress wants oversight of treasury, homeowner assistance

(Newser) - As Hank Paulson did the Sunday talk shows, Democrats in the House and Senate set down their own terms for a plan to rescue the nation's financial institutions—one that would give Congress greater oversight over the treasury. Barney Frank, who chairs the House Financial Services Committee, put forward his...

Devil's in the Details of Wall St. Bailout

Plan expected to bring controversy

(Newser) - Now that President Bush has requested his $700 billion bailout plan from Congress, work is under way on the details. The administration kept its 3-page outline simple so it could adjust to problems on the fly, the Wall Street Journal reports. But that gives Congress the opportunity to load it...

Bush Asks Congress for $700B Bailout Fund

President urges swift action, 'and the cleaner the better'

(Newser) - The Bush administration today formally asked Congress to authorize a $700 billion fund, administered by the Treasury Department, to help troubled financial institutions unload bad debt, the Washington Post reports. The figure is $200 billion higher than legislators were led to expect yesterday, and the national debt limit would be...

Bernanke, Paulson Put Fear of God Into Pols

Of meeting with officials, lawmaker says: 'We have never heard language like this'

(Newser) - Lawmakers were astounded at the possible fallout of the crisis on Wall Street outlined last night by Fed chairman Ben Bernanke and Treasury Secretary Henry Paulson, the New York Times reports. “When you listened to him describe it you gulped,” New York Sen. Charles Schumer said of the...

US Zeroes In on Sweeping Rescue Plan

(Newser) - The nation's top finance officials briefed members of Congress tonight on an unprecedented plan in the works to keep troubled institutions afloat, the Wall Street Journal reports. Treasury chief Henry Paulson and Fed chief Ben Bernanke said they would work through the weekend to get something to lawmakers for a...

Congress Watches Uneasily as Fed, Treasury Move Boldly

Lawmakers complain of lack of oversight, being left out of loop as feds commit billions

(Newser) - Like sports fans second-guessing officials’ calls, lawmakers are watching uneasily from the sidelines as Treasury and Federal Reserve officials pledge billions of taxpayer dollars to fight Wall Street’s meltdown, the Washington Post reports. And, while many in both parties have been convinced the moves were appropriate, they’re worried...

Rangel Won't Step Down From Tax Panel

Says Pelosi in favor of him staying as chair of Ways and Means

(Newser) - New York Rep. Charles Rangel will remain in his post as chairman of the House Ways and Means Committee while an ethics investigation takes place, the New York Times reports. House Speaker Nancy Pelosi supports the move, said his attorney, and Rangel "believes that the facts should prevail, not...

Pelosi Asks Rangel to Step Down as Tax Panel Chair

Tax committee boss dogged by questions over own returns

(Newser) - House Speaker Nancy Pelosi has privately asked New York Rep. Charles Rangel to step down as chairman of the House Ways and Means Committee after it emerged that his personal tax filings neglected to report income from a rental property for some 20 years, says a source to the New ...

Stop Bashing Washington Insiders; You'll Need Them

Consensus within the establishment is necessary for change

(Newser) - Voters have loved to hate Washington insiders since Washington’s founding, and politicians have sought to capitalize on those feelings for just as long. So it makes sense that even the GOP ticket, fortified by Sarah Palin, is running as an outsider insurgency. But, Norman Ornstein points out in the...

GOP Sees Smoother Ride on Palin's Coattails

VP candidate has some in Congress worrying less about ugly November

(Newser) - Congressional Republicans nervous about their own election chances are encouraged by the thought of a Sarah Palin-fueled boost to the GOP’s overall image, Real Clear Politics reports. Polls conducted since she was picked as John McCain’s running mate show a generic Republican congressional candidate trailing a generic Democrat...

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