George W Bush’s bailout plan was met with a mixed reception last week, but work continued over the weekend, and party leaders are backing the revised plan, according to the New York Times.

“The 106-page bill, intended to ease a growing credit crisis, came after a frenzied week of political twists and turns and still faced some resistance from lawmakers on both the left and right who portrayed it as a dangerous rush to economic judgment.

“But leaders of both parties in the House and Senate were moving to back the legislation, which they said had been significantly improved from the Bush administration’s initial proposal by limiting gold-plated farewells for executives of some participating companies and a deal-clinching plan to eventually recoup any losses from the financial community.

That provision, pushed by House Democrats, was one of the last to be agreed to in a high-level series of talks that had top lawmakers and administration economic chiefs huddled in offices just off the Capitol Rotunda after midnight Saturday as they raced to strike an agreement before Asian markets open Sunday night.”

Read the full story here.

Peter Fray

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