No deal reached at White House, officials say
Alabama Senator Richard Shelby came out of the meeting and said there is NO Deal. He also raised his hand holding 5 pages of copy that related that this plan wont work. He related to reporters that the statements he was holding came from top economists from Major Universities that don't have a dog in the fight figuratively speaking.
Both Obama and McCain left the meeting without speaking to reporters. One within the talks stated that the meeting, "did not end well".
Will McCain make the debate? Well, based on his commitment to work toward a resolution on the Bail-out plan, McCain may be in Washington for awhile.
Update: 8:18 pm ET- (I am writing as I am listening to the News confernce via satellite, I will fill in the quotes once I get all the names) House GOP law makers are doing an interview in Capital. They do not think that 700 billion dollars is nessessary. GOP wants Wall Street to pay for Insurance for this bail out. Wall street should pay for this bail out not the American people.
Wall Street is reponciple, not the American People. The American people do not want to foot the bill. Why did not the government work to know this was going bad. The American people feel like, if the Government couldn't know about the problem, how can they know that a bailout will work.
GOP says, it should not be a Paulson Plan or no plan. There is very little reaching over party lines as has been stated.
Update: 8:02 pm ET- Congressman Barney Frank stated in a news conference minutes ago, in the Capital, that John McCain's presents at the meeting today is causing problems that will delay furition of a bailout deal.
WASHINGTON (MarketWatch) -- President Bush was unable to seal a deal between Republicans and Democrats on his $700 billion mortgage rescue plan, officials said. "It was not a negotiating session," said House Democratic Leader Steny Hoyer. The two presidential candidates, Sen. John McCain and Sen. Barak Obama, attended the meeting but left the White House without talking to reporters. A revolt among House Republicans appears to have emerged as the key stumbling block. Hoyer said that some plans have recently been put on the table that even Treasury Secretary Henry Paulson hasn't seen. "On our side, there is a consensus on how to go forward, we'll have to see if that consensus can grow," Hoyer said. It was up to Bush to talk to Republicans, he added
Blame it on the White House
Dodd Says Rescue Plan Talks Snagged After White House Meeting
By Ed Chen and Julianna Goldman
Senate Banking Committee Chairman Christopher Dodd said early this afternoon that he and a group of Republicans reached an agreement in principle on a financial rescue plan.
Following the meeting at the White House, Dodd said an alternative Republican plan was being floated that threatened to set back the negotiations.
The White House meeting ``looked like a rescue plan for John McCain for two hours, and it took us away from the work we were trying to do today,'' Dodd said on CNN.
Biden: McCain ‘posturing’, Obama showing Leadership
"Unlike all the rest of the people talking," said Biden, "[Obama's] demonstrated that he's changed the tone. He will prepare to change the tone in Washington. Ladies and gentlemen, this is what we mean by leadership, not posturing."
The Delaware senator said McCain's proposals for the bailout don't sufficiently address middle class concerns, notably the housing crisis.
"He laid out what he thought the package should include," said Biden. "I looked it over and what's notable is what's not in the package. The silence on issues relating to the middle class is deafening in the package John has put forward. There is no help in his package for families struggling to stay in their homes."
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