Leaders Plead for a Yes Today

Boston Globe (09/29/08); Milligan, Susan
Capitol Hill leaders over the weekend pleaded with skeptical legislators to approve a bipartisan $700 billion financial bailout plan, touting the package as crucial to calming the markets and beating back potentially the worst economic crisis since the Great Depression. The House of Representatives is scheduled to vote on the bill Sept. 29, and the Senate is expected to consider it later in the week. The measure would enable the U.S. government to purchase as much as $700 billion in distressed mortgage-backed securities, freeing up the credit market so that individuals can obtain home, car and student loans. Additionally, federal officials would seek to help homeowners by requiring the Treasury Department and other government agencies to modify home loans when possible to avoid foreclosures.