Wednesday afternoon President George W. Bush called for a meeting in the White House between Republican and Democratic leaders to discuss a bailout plan in an attempt to save the currently failing economy. The proposal included a plan to save more banks from collapsing by having the government buy bad debt. This proposal would cost the government $700 billion dollars.
It was announced Thursday by Senator Chris Dodd, the chairman of the Senate Banking Committee, that Republicans and Democrats “had reached a fundamental agreement.” However, later, Republican Richard Shelby stated, “I don’t believe we have an agreement.” A group of Republicans participating in the discussion disagree with the plan which led to what John McCain called “a continuous shouting match.” The opposition worries about how the government is going to afford the cost of the plan and don’t believe the government should get involved in the financial sector. Instead, they proposed a government backed insurance policy for the bad debt obtained by large US Banks. The discussion will be continued Friday (today).
The presidential debate scheduled for tonight between candidates John McCain and Barack Obama is still up in the air. McCain stated on Wednesday that if an agreement could not be reached by Friday, he would not attend the debate. A recent poll on MyFoxColorado.com showed that a majority of the people would like to see the debate happen.
RECENT UPDATE: BUSH PROMISES BAILOUT PLAN WILL PASS
Bush Addresses the Nation early Friday Morning – It won’t let me post the video because it’s not on YouTube or Google yet.
xPirate’s view on this situation: I’m no economist, but from what I know the bailout plan is the best chance we have a saving our crashing economy. The opposition from the Republicans is strange, considering George Bush supports the plan. One thing is certain, something needs to be done. We aren’t at a time when we can sit around waiting for the endless bickering in Washington to end. I was happy when I thought Republicans and Democrats have finally come together to solve a problem for once, but I guess that I was wrong.
I, personally, would love to see the presidential debate take place. I don’t think there’s much John McCain is going to be able to do by himself in Washington other than continue to argue and beat a dead horse. It has been proposed that the debate focus on the current economic crisis. While I think that it is important to cover, there are still other issues that the candidates need to cover for the public’s sake. I guess we’ll find out what happens.
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