Tuesday, September 30, 2008

Leaders of Congress and Bush Administration Vow to Restart Bailout Talks

President George W Bush Discusses Economic Rescue Plan
, September 30, 2008


About Photo: President George W. Bush delivers a statement at the White House Tuesday morning, September 30, 2008, regarding the economic rescue plan. Said the President, “We're at a critical moment for our economy, and we need legislation that decisively address the troubled assets now clogging the financial system, helps lenders resume the flow of credit to consumers and businesses, and allows the American economy to get moving again.”
Read the Transcript - Watch the Video
White House photo by Chris Greenberg
Boehner Statement on Economic Rescue Package
Washington, Sep 30 -
House Republican Leader John Boehner (R-OH) today issued the following statement on the economic rescue package:

“The presidential candidates’ support for increasing the FDIC cap is welcome news. Increasing the FDIC cap is a proposal put on the table by Roy Blunt and House Republicans but ruled out by Democrats during the negotiations that led to yesterday’s unsuccessful vote. Reforming the mark-to-market rules is another such proposal. While it’s unlikely this development on FDIC alone will be enough to secure the additional House Republican votes needed to pass a responsible economic rescue bill, it is a positive development.”
Statement/photo taken from the House Republican Leader website
Press Releases
Contact: Brendan Daly/Nadeam Elshami202-226-7616
For Immediate Release 09/30/2008

Pelosi and Reid to Bush:
‘We Are Committed to Working With You and Our Republican Colleagues to Enact a Bipartisan Bill Without Further Delay’

Washington, D.C. – Speaker Nancy Pelosi and Senate Majority Leader Harry Reid sent the following letter this afternoon to President Bush on the urgent need to pass bipartisan legislation to address the crisis in the financial markets
Below is the text of the letter:

September 30, 2008

The Honorable George W. Bush
The President of the United States
The White House
1600 Pennsylvania Avenue, NW
Washington, D.C. 20500

Dear Mr. President:

Yesterday’s defeat of the Economic Emergency Stabilization Act resulted in additional severe economic impacts both on Wall Street and on Main Street. The consequences of yesterday’s vote – an historic drop in the stock market and the loss of $1.2 trillion in savings, investments, and retirement funds – had a major impact on American families, small businesses, and others that demonstrated the imperative for Congressional action.

We have already made much progress in improving the plan originally sent to Congress. After many days of discussions, we reached bipartisan agreement on key additions, including strong measures to protect taxpayers from the costs of this program; to impose tough accountability on Wall Street through strong oversight and transparency; to limit excessive executive compensation and golden parachutes; to reduce home foreclosures to help families remain in their homes; and to sequence the funding of the program to ensure appropriate cost controls and independent reviews.

We must continue our bipartisan efforts of the past two weeks to pass a comprehensive bill to help stabilize our financial system and protect the American taxpayer. We welcome your statement this morning and are committed to working with you and our Republican colleagues to enact a bipartisan bill without further delay.

Working together, we are confident we will pass a responsible bill in the very near future.


Nancy Pelosi ........................... Harry Reid
Speaker of the House ............ Majority Leader of the Senate

Taken from the Speaker.gov website

About above Video: Congressional leaders, President Bush and the two rivals to succeed him rummaged through ideas new and old Tuesday, desperately seeking to change a dozen House members' votes and pass a multibillion-dollar economic rescue plan. (Sept. 30)
AP News Video posted on YouTube by

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