Negotiators met at the White House with President George W. Bush yesterday to discuss bailout plans in order to confront the recent economic crisis. Though the meeting was the first step in handling the issue, the talks are still very much in their preliminary phases.
News reports said that Sen. Christopher Dodd (D-Conn.), chairman of the Senate Banking Committee, expressed frustrations that an agreement had not been reached because the meeting had been too focused on political issues surrounding the Republican presidential nominee Sen. John McCain (R-Ariz.).
Republicans are speaking out against the bailout plan, but McCain has yet to express support, as it clashes with many of his policy stances.
At another meeting, held at the Capitol early yesterday, Republicans and Democrats discussed legislation regarding the limitation of pay packages for executives of firms seeking assistance. The legislation will also likely include a way for the government to hold an equity stake in some of the firms to give taxpayers the opportunity to benefit should the bailout succeed.
President Bush, Sen. Barack Obama (D-Ill.) and McCain each expressed confidence that an agreement would be reached shortly.
