Monday, September 29, 2008

Paulson to Try Again

by Calculated Risk on 9/29/2008 05:52:00 PM

From Bloomberg: Paulson to Work Quickly With Congress to Revive Plan (hat tip Ministry of Truth)

U.S. Treasury Secretary Henry Paulson said he will work with Congress to salvage a $700 billion rescue plan ...

``We need to work as quickly as possible; we need to get something done,'' Paulson told reporters at the White House after meeting with President George W. Bush. ``We believe that our plan, and the plan that we developed with congressional leaders and worked so hard, is a plan that works. And we need a plan that works.''
House Majority Leader Steny Hoyer said the House may take up the measure again as early as this week, possibly after Senate action.
I've heard that there are enough votes in the Senate to pass the bill (probably on Wednesday night), and Paulson is probably hoping that passage in the Senate will put additional pressure on the House.