WASHINGTON - The House braced for a difficult vote set for Monday on a $700 billion rescue of the financial industry after a weekend of tense negotiations produced a plan that Congressional leaders portrayed as greatly strengthened by new taxpayer safeguards.
The 110-page bill, intended to ease a growing credit crisis, came after a frenzied week of political twists and turns that culminated in an agreement between the Bush administration and Congress early Sunday morning. […]
The bill calls for disbursing the money in parts, starting with $250 billion followed by $100 billion at the discretion of the president. The Treasury can request the remaining $350 billion at any time, and Congress must act to deny it if it disapproves... The New York Times
While many Republican lawmakers seek to distance themselves from the plan, or disown it altogether, White House officials hope the heated opposition gradually will cool if the plan works.
Many frustrated conservatives see Bush's rescue plan, on top of his decision to invade Iraq, as cementing his legacy as a big-government conservative. To others, it marks his apostasy from conservative orthodoxy… The Wall Street Journal
Wall Street Bailout Failed
The spirit of bipartisan US congressional cooperation that brought the Wall Street bailout bill to the vote has fallen apart in a rancorous slanging match, amid talk of a "poisoned" debate. […] The New York Stock Exchange suffered its worst ever single-day points drop as news broke of the failed bailout bill. Telegraph UK