Bailout Plan Gains Support
The federal government has unveiled plans to implement a $700 billion bailout plan to save several dying financial giants.
Key members of Congress have stated that an emergency proposal to save the ailing financial industry has been successfully transformed into a bill. Not only that, Fox News reports, but it is likely the bill will be passed by President Bush soon.
The bill will give Washington more power in their ability to control money in Wall Street as they will be buying up massive amounts of devalued assets and gaining management of said assets.
The House of Representatives will be voting on the bill as soon as Monday with the Senate soon to follow, according to CNN. The bill is being rushed in order to ensure the survival of the financial industry and allow for the almost stand-still credit market to resume.
House Majority Leader Steny Hoyer, D-Md., believes that a majority of legislators on both sides will support the bill. Other members of Congress has voiced their disagreement and lack of want in terms of approving the bill; however, they feel it is a necessary evil to help maintain the economy.