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Fundranker Blog—Bailout Angst

Bailout Angst

Congressional leaders thought they had reached an agreement Thursday on the $700 billion bailout. McCain and Obama dropped their debate preparation long enough to attend a meeting Thursday to put in their two cents. McCain even promised to put off Friday’s debate, if necessary.

Then the wheels came off. Did McCain and Obama get in the way? They aren’t even on the committees that are putting the plan together. Did House Republicans throw a wrench in the works with their insurance-instead-of-bailout plan? They claimed that the so-called agreement congressional leaders thought they had was never the case.

So the Senate and House committees went back to work Friday. Obama had already said that Friday’s debate should go on regardless of the bailout crisis, and McCain finally decided he could attend the debate despite no agreement. By midday Saturday, Congress had made significant progress on a bailout agreement. They want to announce a deal by Sunday evening, before Asian stock markets open. The market could be in for a wild ride this week.

Posted 9/27/08 1:27pm ET in Economy