We Chose Panic, Senates Top GOP Banking Expert Declares as He Rips Bailout
(CNSNews.com) - The leading Republican on the Senate Banking Committee shredded the $700-billion financial industry bailout bill in a speech delivered on the Senate floor last night shortly before the bill passed by a 75-24 vote. Sen. Richard Shelby (R.-Ala.) concluded his indictment of the bill by telling Senate colleagues: The choice we faced was between pursuing an informed response, or panic. I think we chose panic.
Bushs Handling of Financial Crisis Irresponsible, Gingrich Says
(CNSNews.com) Former House Speaker Newt Gingrich blasted President George Bush and Treasury Secretary Henry Paulson Tuesday over the proposed financial bailout, saying the president is being absolutely irresponsible in his handling of the problem. There are steps that the administration could take today that would dramatically improve where we are immediately, without legislation Gingrich said.
Bush Won't Support House Conservatives' Alternative Financial Plan
(CNSNews.com) - With Senate passage of a revised financial bailout in sight, the White House refused to consider a more free market alternative proposed by House Republicans. The alternative plan, announced Tuesday by Rep. Jeb Hensarling (R-Texas), chairman of the Republican Study Committee, replaces the $700 billion bailout package aimed at easing the credit crisis with a plan to federally insure mortgages up to 100 percent.
Congressmen Oppose Mortgage-Loan, Interest Lowering Rule; Vote for Bailout Anyway
(CNSNews.com) - Part of the $700-billion bailout package allows the federal government to lower the interest rate and loan principal on any mortgage it wants. While three congressmen in the House told CNSNews.com that they oppose that mandate, two of them voted for the bill anyway.
Hillary Clinton Backs Federal Funding for Americas Pre-K Movement
Washington (CNSNews.com) While senators scrambled to pass a financial rescue or bailout package that could cost taxpayers up to $700 billion on Thursday, Sens. Hillary Clinton (D-N.Y.) and Kit Bond (R-Mo.) called for expanding the public education system to include 3- and 4-year-olds. The pre-K programs would be paid for by state funding and supplemented by federal grants.
$700-Billion Bailout Clears Senate
On the Spot (CNSNews.com) - While many senators hailed the financial bailout bill as a necessary step towards healing a battered U.S. economy, those who opposed the bill accused their colleagues of irresponsibly using taxpayers dollars. The legislation that passed the Senate on Wednesday includes core aspects of a bill defeated by the House on Monday.
