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India On Media |
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| Politics
News |
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| Bush, lawmakers agree on bailout |
| US govt, Congress agree on outlines of bailout package
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| UNITED STATES OF AMERICA
, 29-September-2008
1:58:22 AM |
| The US Congress and the Bush administration has reached an agreement on the main points of the legislation intended to stabilise financial markets, with the emergency package outlined in a 106-page bill expected to head to the House of Representatives for a vote on Monday.
The US Senate is likely to take up the $700 billion emergency package legislation for a debate and vote on Wednesday.(Watch)
The final word on the details of the bill has not been spoken yet by the House Republicans, who have been highly critical of the measure from the beginning.
Touted as the mother of all bailout packages to tide over the worst crisis since the Great Depression, the plan consists of an outline submitted to lawmakers by US Treasury Secretary Henry Paulson under which the government would purchase $700 billion of bad mortgage-related debts from the troubled banking sector.
The revised plan as released by the office of House Speaker Nancy Pelosi cuts the initial bailout of $700 billion to $350 billion while giving the Congress a veto power over future payments under the plan up to a total of 700 billion.
The plan also gives taxpayers an ownership stake in companies taking advantage of the bailout and puts limits on the "excessive" pay and bonuses for executives, with no "golden parachutes" for CEO's who lose jobs at companies participating in the plan.
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