http://www.bloomberg.com/apps/news?pid=20601087&sid=aGgSVPAnogvQ&refer=home Tertunda ! House Republicans Fragment Over Rescue Plan, Stalling Progress
By James Rowley and Alison Vekshin Sept. 25 (Bloomberg) -- Congressional Republicans splintered over the proposed $700 billion rescue of the U.S. financial system, imperiling prospects for an agreement just hours after a bipartisan group of negotiators and the White House said one was near. A group of House Republicans led by Representative Eric Cantor of Virginia said they wouldn't back a plan based on the approach outlined by Treasury Secretary Henry Paulson and backed by President George W. Bush and Democratic leaders. The Republican lawmakers instead offered a plan calling for Wall Street firms to purchase insurance on mortgage-backed securities and advocating tax cuts and relaxed regulations. Treasury officials had rejected a plan focusing on insurance in favor of one that purchased troubled assets, Cantor said. The snag sent Paulson back into late-night meeting on Capitol Hill with lawmakers. ``We are sitting down where were we were at the end of day one,'' Senator Bob Corker, a Tennessee Republican, said as he headed into the meeting. After the meeting, House Financial Services Committee Chairman Barney Frank and his Senate Banking Committee Chairman Christopher Dodd said some progress in negotiations had been made but said House Republicans needed to participate. `Got to Decide' ``The president and his party have got to decide whether or not they want to be a part of this,'' Dodd said. Frank said ``if the House Republicans continue to reject the president's approach then there is no bill.'' The White House issued a statement saying Bush still ``supports the core of Secretary Paulson's plan,'' and Democrats and some Republicans said the alternative proposal threatened to derail negotiations and delay passage of legislation to calm financial markets. The plan circulated by Cantor calls for a mortgage-backed security insurance fund, rather than taxpayer-funded purchases of those securities. The plan calls on the Treasury to design a system to charge premiums to mortgage-backed security holders to finance this insurance, according to a fact sheet. Republicans also seek to ``remove regulatory and tax barriers that are currently blocking private capital formation.'' It also suggests that regulators call on financial institutions to suspend dividends, along with other steps to address liquidity problems. `Wall Street Pays' Cantor said the House Republican proposal ``does not leave the American taxpayers with the bag and makes sure that Wall Street pays for this recovery.'' Representative Jeb Hensarling of Texas said it shouldn't be ``Paulson's plan or no plan.'' Dodd said support for Cantor's plan would have forced lawmakers to ``start all over again.'' Republican presidential candidate John McCain and his Democratic counterpart Barack Obama met with Bush, Paulson and congressional leaders at the White House earlier in the day. Democrats blamed McCain for initiating the meeting, which they said slowed down the pace of negotiations. Dodd said on CNN that the Republican plan threatens to force negotiations to begin anew. He said the White House meeting ``looked like a rescue plan for John McCain for two hours, and it took us away from the work we were trying to do today.'' Obama suggested the talks were damaged by politics. ``When you start injecting presidential politics into delicate negotiations you can actually create more problems rather than less,'' Obama said on CNN. McCain Comment McCain's campaign said more negotiations were needed to draft legislation that would pass Congress. ``There is not yet a majority of Democrats and Republicans who are willing to vote yes for anything,'' said Steve Schmidt, a senior adviser to McCain's campaign. Kevin Smith, a spokesman for House Republican Leader John Boehner, said the speed with which Dodd's plan was put together was designed ``to deny Senator McCain a role in trying to craft a bipartisan solution.'' Cantor was told by Boehner to start working on an alternative two days ago, Smith said. Pelosi was told today. Michele Davis, a spokeswoman for Paulson, said, ``Secretary Paulson appreciates the hard work by members on both sides of the aisle to address the threat we face to our economy,'' and urged lawmakers to resolve their differences. Paulson has not rejected any ideas, Davis said. To contact the reporters on this story: James Rowley in Washington at [EMAIL PROTECTED]; Alison Vekshin in Washington at [EMAIL PROTECTED] Last Updated: September 25, 2008 22:21 EDT --- On Thu, 9/25/08, Yanuar Mustofa <[EMAIL PROTECTED]> wrote: From: Yanuar Mustofa <[EMAIL PROTECTED]> Subject: [obrolan-bandar] Dow Fut udah minus 143 To: obrolan-bandar@yahoogroups.com Date: Thursday, September 25, 2008, 11:00 PM ada yg tau news nya. apa bail outnya emang ga jadi lagi. Search. browse and book your hotels and flights through Yahoo! Travel