The 700 billion bailout plan will go to “the house for a vote Monday”. The biggest bailout plan ever in the U.S history has been supported by both presidential candidates. The plan is to use taxpayers’ money to buy home mortgage-related assets. President Bush stated that the vote can be difficult but he is confident that congress will pass it. He believes that without the plan in action the American economy could be dreadful.
Even though congress leaders and the White House came to an agreement this Sunday, they believe that the money should be strongly controlled. This means the government can only get the money as they need it for example $250 will be given immediately, if really need $100, and lastly $350, of course this conditions can be vetoed by President Bush. Even if the plan gets the majority of votes on Monday Congressional action will not place until Wednesday. The House Republicans and Democrats have met to talk about how this plan isn’t a bailout plan it is more of a way to help the economy turn around.
Senator Judd Gregg states the bottom lines is, “If we do not do this, the trauma, the chaos and the disruption to everyday Americans’ lives will be overwhelming, and that’s a price we can’t afford to risk paying. I do think we’ll be able to pass it and it will be a bipartisan vote.” We can only hope that this plan actually work because so far Bush ideas have not work for the last 8 years. Lets believe he is actually THINKING for the peoples benefits.
http://news.yahoo.com/s/ap/20080928/ap_on_bi_ge/financial_meltdown
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