Congress remains divided on finance fix
House Speaker Nancy Pelosi (D-CA) holds a news conference in her offices to answer questions about the congressional response to the current financial and banking crisis.
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Scott Jagow: In Washington, House Republicans are fighting tooth and nail against the current bailout proposal. Democrats and the President are on the same page. They want a deal now.
Just a few minutes ago, President Bush made some brief remarks.
Tape of President George W. Bush: The legislative process is sometimes not very pretty. But we are going to get a package passed.
We're joined by our correspondent Jeremy Hobson, as Marketplace continues its coverage of the financial crisis.
Jeremy, where do the negotiations stand right now?
Jeremy Hobson: What's happening right now is Republicans want to have the plan include insuring private institutions that take on these illiquid assets. Democrats say, we'll go with the plan we have now, the $700 billion bailout, but we're not going to do it unless we have the support of Republicans, 'cause we don't want to take the blame all ourselves later on, a month from now on election day. And the administration says, guys the economy is melting down here. So, they're under the gun.
Jagow: So, what are they going to do to bridge the gap?
Hobson: Well, meet and they're gonna talk. Meetings will resume this morning. I'm told it's open to both House and Senate, Republicans and Democrats. The question of whether House Republicans will show up is up in the air. But I am told that Nancy Pelosi, the Speaker of the House, will not bring this to the floor unless she has ample support from House Republicans.
Jagow: Sounds like it could be a long weekend. Marketplace's Jeremy Hobson, thanks.
Hobson: Thanks, Scott.