Sen. Shelby Still Opposed To $700 Billion Bailout

A White House meeting is under way between President Bush, John McCain, Barack Obama and other key lawmakers on a $700 million bailout plan for Wall Street.

By: Jamie Burch | WKRG-TV
Published: September 25, 2008

» Comments | Post a Comment

WASHINGTON (AP) - A White House meeting is under way between
President Bush, John McCain, Barack Obama and other key lawmakers
on a multibillion-dollar bailout plan for Wall Street.
Bush says he hopes an agreement can be reached "very shortly."
The tentative agreement hashed out by congressional leaders
would give the Bush administration just a fraction of the 700
billion dollars it has requested up front. The plan calls for the
Treasury secretary to get 250 billion dollars immediately. And he
could have an additional 100 billion if needed. Congress would have
the power to block the last 350 billion through a vote.
Under the tentative plan, the government would take on the bad
mortgage debt from shaky financial institutions in order to free up
credit.
Alabama Senator Richard Shelby told reporters outside the White
House that he remains opposed to a bailout.