Thursday, September 25, 2008
Financial Bailout Deal Reached
Have you heard the good news about the financial agreement reached with congress? Yep, its official. Lawmakers came to an agreement with president bush on a financial bailout for the battered wall street. But president bush only got a fraction of the $700 billion it had requested up front, with half the money subject to a congressional veto, congressional aides said. Under the plan, the Treasury secretary would get $250 billion immediately and could have an additional $100 billion if he certified it was needed. The other 350 billion could be blocked by a vote from congress if need be. Wall Street showed its pleasure cautiously. The Dow Jones industrials closed some 196 points higher, though that was down from larger gains earlier in the day. Lawmakers and the bush administration said that the deal wasn't written in stone but that they are very close to closing the deal. Whether this will help the ailing economy leads to be seen.