U.S. Politicians are close to a deal after days and days of tough deliberations. Immediately the Federal Government will have $250 billion dollars to purchase the bad assets of financial institutions. An additional $100 billion has been allocated to President Bush, to be used at his discretion. Way to go Congress!!! And for those of you counting, the final $350 billion dollars will need final sign off by Congress at a later date.
This legislation includes an oversight board to monitor the bailout program, and limits the payouts to corporate execs of the rescued companies. The White House has been rushing this deal from the beginning. The first bailout bill proposed by Secretary Paulson was quickly shot down by both sides of the aisle on Capitol Hill.
Here is a link to view the drafted proposal:
http://www.nytimes.com/2008/09/21/business/21draftcnd.html
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