Bailout Deal Reached (The Debate is On)

Update (9/25/08 – 6:45 p.m.) Republicans are angling to politicize the bailout package to help their electoral chances this November. The deal is back to the drawing board.

AP is reporting that congressional negotiations have resulted in an agreement in principle on a bailout plan for Wall Street.

Emerging from a two-hour negotiating session, Sen. Chris Dodd, D-Conn., said, “We are very confident that we can act expeditiously.”

“I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president,” said Sen. Bob Bennett, R-Utah.

Happily, this all happened without John McCain and his completely chaotic campaign. Nice try, though.

The interesting thing now will be to see if he tries to torpedo the deal as a last nuclear option and risk a calamitous result for the American economy on the off chance nothing truly bad will happen. He could be the protector of the American taxpayer.

Pretty hard to go against a bipartisan deal with both houses of Congress and Bush backing it. But, at this point, I wouldn’t put anything past this reckless sleaze.

Update (9/25/08): Some details here. (WSJ) Funds available in installments subject to Congressional approval. Curbs on executive compensation. Meanwhile, the GOP continues to try to play politics with this legislation. Disgraceful.

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