Update: A bailout deal is reached; will it hold?
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Two headlines from Washington, one from this morning, one 16 months old.
Today: Congressional leaders (pictured) announced today that they had reached an agreement in principle on the framework of a plan to fix Wall Street’s financial crisis that would provide protections for up to $700 billion in taxpayer money at stake.
May 17, 2007: Key senators in both parties and the White House announced agreement Thursday on an immigration overhaul that would grant quick legal status to millions of illegal immigrants already in the U.S. and fortify the border.
What’s the point? Deals are not votes. There is widespread opposition to the bailout deal, and it’s not a done deal.
Update: Reports this afternoon indicate the deal could be coming undone. A couple of afternoon headlines. First, the L.A. Times:
In a roller-coaster day of hopes raised and hopes dashed, efforts to negotiate a compromise on the $700-billion plan for rescuing the nation’s financial system bogged down Thursday, with conservative Republicans denouncing the strategy as ill-conceived and Democrats accusing GOP presidential candidate John McCain of encouraging the revolt.
The status of a rescue plan for the nation’s financial system was in doubt on Thursday, at least for the moment, as lawmakers emerged from a meeting with President Bush to say that negotiations had a ways to go.
-- Peter Viles
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