Friday, September 26, 2008

Frank blames House GOP for breakdown of deal - Yahoo! News


http://news.yahoo.com/s/ap/20080926/ap_on_bi_ge/financial_meltdown;_ylt=AuV01JBSOUh2IazkDW.pda6yBhIF

What caught some by surprise, either at the White House meeting or shortly before it, was the sudden momentum behind a dramatically different plan drafted by House conservatives with Minority Leader John Boehner's blessing.

Instead of the government buying the distressed securities, the new plan would have banks, financial firms and other investors that hold such loans pay the Treasury to insure them. Rep. Paul Ryan, R-Wis., a chief sponsor, said it was clear that Bush's plan "was not going to pass the House."

But Democrats said the same was true of the conservatives' plan. It calls for tax cuts and insurance provisions the majority party will not accept, they said.


No comments: