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Congress Pushes New Bailout Plan

Plan reportedly adds stronger taxpayer protections.

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CNN
news is reporting that congressional leaders have come
to an agreement on a revised government bailout plan for the financial sector.

 

Few details were immediately available about the plan,
however key members of Congress say that it limits the pay packages for
executives of companies who benefit from the bailout and protects taxpayers by requiring the Treasury to be reimbursed.

 

Lawmakers are now planning a meeting with the Treasury Department
to present the plan, and more details should become available after that.

 

The new plan follows a Bush administration plan that called
for up to $700 billion to be used by the government to buy bad mortgages.

 

Members of both parties had expressed concern over the bill,
pushing for more time to find an alternative and seeking a way to reduce the
burden on taxpayers.