Originally published by the Voice of America (www.voanews.com).
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September 25, 2008

White House: 'Significant Progress' on Wall Street Rescue Plan
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http://enews.voanews.com/t?ctl=1E5EFF6:5F753BCA39991A3B539E005F077570077F0EB4B66EA3A89D&
 
White House spokeswoman Dana Perino says president and lawmakers have
agreed on a framework for proposed $700 billion plan 
The New York Stock Exchange The White House says there has been
"significant progress" in efforts to finalize a bailout plan for the
troubled U.S financial sector. White House spokeswoman Dana Perino says
the president and lawmakers have agreed on a framework for the proposed
$700 billion rescue plan. She added that she hopes a deal can be struck
quickly. U.S. President George Bush is meeting with presidential
candidates Barack Obama and John Mc Cain at the White House Thursday, to
discuss the rescue package. The rival presidential candidates already
have issued a joint statement calling the plan "flawed," but also urging
bipartisan cooperation to avoid economic "catastrophe" for the sake of
the nation. Both Senator Obama and Senator Mc Cain want oversight of the
bailout program and a way for taxpayers to get repaid. Key congressional
leaders also are due to attend the White House meeting. In a nationally
televised address Wednesday night, Mr. Bush urged lawmakers to pass!
  the massive plan, warning that the U.S. economy faces a "long and
painful" recession without immediate congressional action. The bailout
plan would allow the government to buy devalued assets from troubled
financial firms. Those bad investments have made banks reluctant to lend
money, and the lack of credit threatens to stall the economy. The
president said the stock market would drop more, home values would
plummet, foreclosures would rise dramatically, more businesses would
close and millions of Americans would lose their jobs.


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