Bailout deal
House GOP: No deal yet on bailout
by James Oliphant and updated
Some Senate Republicans say they have a deal on the bailout bill. The ranking Republican on the House Financial Services Committee says there isn’t one.
Here is the statement from Rep. Spencer Bachus:
“As I made clear in the meeting this morning, I was not authorized by my colleagues to make any agreement on behalf of House Republicans.
“There was progress on many issues, but no agreement other than to continue discussions.”
This contradicts a statement from Sen. Bob Bennett (R-Utah), who said earlier in the day that the outline of a deal had been reached.
And now here’s a statement from House Republican leader John Boehner:
“I am encouraged by the bipartisan progress being made toward an economic package that protects the interests of families, seniors, small businesses, and all taxpayers. However, House Republicans have not agreed to any plan at this point. We owe it to all those with a stake in this process to continue our discussions until we arrive at an agreement that is acceptable on both sides of the aisle - and more importantly, one that serves the interests of American taxpayers. With that in mind viagra, I look forward to joining my colleagues, President Bush, Sen. McCain, and Sen. Obama at the White House later today to take the next critical steps on a rescue package.”—Boehner
So what is going on?
It’s clear that Democrats and Republicans have not come to an agreement on every issue. A sticking point continues to be whether to provide some kind of relief to homeowners suffering from mortgage payment woes.
In that sense, there is no final deal.
But if you follow the rhythm of negotiations, once the parties involved start talking about the framework for a deal, that’s a key turning point.
Another factor: Delaying talk of a deal helps Republican John McCain, who wants to be viewed as riding to the rescue of this package. It’s no secret that Republicans in the House are furious about it. Perhaps Bachus and Boehner are buying some time for McCain to do some presidential arm-twisting.
Wall Street will not be happy, however, with the uncertainty.
Also: Rep. Barney Frank (D-Mass.) said on CNBC earlier this afternoon that the $700 billion would be phased in over time, not given to the Treasury Department all at once.
So what does this mean?
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