Financial Briefs

Breaking financial news from Wall Street to Main Street

‘Fundamental agreement’ reached on bailout

Posted by financialbriefs on September 25, 2008

Top congressional negotiators have announced that they have a “fundamental agreement” on a government bailout of the nation’s financial system, granting extraordinary powers to the secretary of Treasury to purchase hundreds of billions in bad debt while attempting to stem foreclosures for homeowners struggling on Main Street.

The announcement came in the Capitol after a three-hour meeting involving a dozen of the top negotiators from both parties and both chambers of Congress.

Banking Committee Chairman Christopher Dodd (D-Conn.) said, “We believe we are prepared to act expeditiously on a package … and send a message to the markets.”

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