Thursday, September 25, 2008

Congress Caves and Gives Bush $350 Billion

"Bailout money would be phased in

WASHINGTON (AP) — Confident but not yet celebrating, congressional leaders agreed Thursday on a multibillion-dollar bailout plan for Wall Street aimed at staving off a national economic catastrophe. Congressional aides say a tentative agreement on a financial industry bailout gives the Bush administration just a fraction of the $700 billion it's requested up front, with half the money subject to a congressional veto.

Just a 'fraction?" That's a PRETTY BIG FRACTION -- $350 BILLION DOLLARS!

Under the plan, the Treasury secretary would get $250 billion for the plan immediately and could have another $100 billion if he certifies it's needed. The last $350 billion could be blocked by a vote of Congress. Key Democrats and Republicans said they agreed in principle on the plan, but GOP leaders said there was no deal.