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The article reports on the attempt of U.S. congressional leaders to frame debate on the Troubled Assets Relief Program (TARP). It states that President George W. Bush's administration is willing to use the TARP to provide loans for a bailout of the Big Three automakers, however, congressional leaders sought to frame the debate. It notes that House Speaker Nancy Pelosi sent a letter to Bush stating that any TARP funding should lay out the conditions for the companies to restructure.

The article reports on the U.S. House members who failed to show on the vote for the Big Three automakers bailout. It states that Representative Tim Walberg probably had the best excuse for not showing up because he had a surgery and was in the hospital recuperating. Other Representatives who missed the vote are Deborah Pryce, Rahm Emanuel, John Doolittle, Rick Renzi, Wayne Gilchrest, Darlene Hooley, Barbara Cubin, Terry Everett, Ric Keller, John Kuhl, John Peterson and Tom Tancredo.

The article reports on the economic assistance from the U.S. Federal government for the Big Three automakers. It cites that it will reach $700 billion Troubled Assets Relief Program (TARP) to provide financial assistance for the company. However, George W. Bush's administration has rejected the idea of using TARP to fund the Big Three because it can worsen the weak economic status of the country.

The article reports on the endorsement of a Republican proposal to use $350 billion of federal bailout funds for a national tax holiday in January and February 2009 by incoming House Republican Conference Chairperson Mike Pence of Indiana. The chairman said he supported the plan offered by Representative Louie Gohmert because according to him, it is a refreshing alternative to the long string of government bailouts that have done little to improve the failing American economy.

The article reports that the U.S. House Oversight and Government Reform Domestic Policy Subcommittee has criticized the Treasury Department against the direction of its $700 billion bailout. Subcommittee Chairman Dennis Kucinich has charged that Neel Kashkari, who leads the Treasury Department's financial rescue effort, has abdicated the responsibility to stem the tide of mortgage foreclosures and Treasury Secretary Henry Paulson of ignoring the Emergency Economic Stabilization Act.

The article reports on the observation of Joint Economic Chairman Charles Schumer on the insights of U.S. Treasury Department officials on the imposed guidelines of New York Democrats on how banks use federal funds. Schumer urged the department to impose four guidelines on banks' use of bailout funds. His view on the existing guidelines is also given.

The author reflects on several issues concerning politics and economic condition in the U.S. in 2008. He comments that the incessant celebration of Main Street may have obscured the prevalence of other popular bailout lingo. The author comments that the unscientific review of public statements has revealed the second most common refrain, that is an old favorite of compromise-oriented legislators.

The article reports that the tax extenders debate has finally end due to the must-pass $700 billion economic rescue package's value in the U.S. It states that most rank-and-file members were not being swayed by the $150.5 billion tax package since everyone just assumes it is going to get done anyway. The 205-228 defeat of the bailout has changed everything. According to the White House, the idea of attaching extenders to the bailout was circulating among tax lobbyists who were unconvinced.

The article reports that with an agreement in hand on economic rescue legislation, the U.S. congressional leaders are focusing on the timings to consider the legislation and get the votes to pass it. It states that Senate Majority Leader Harry Reid said that he is hopeful the Senate can pass the package at the end of September 2008. According to senior Republican party aides, House Financial Services Chairman Barney Frank and the government had agreed to the package.

The article reports that the U.S. House Democratic leaders are contemplating tying a vote on the $700 billion economic rescue plan to expedite procedures for enacting oversight regulations for the mortgage industry in 2009. It mentions that the Democratic leaders face a tough vote on the bill given the strong opposition being heard from both Republican Party (GOP) conservatives and liberal Democrats.

The article states that U.S. Senate Banking Committee Chairman Christopher J. Dodd said that he wants to help the estimated 2.2 million families who will lose their homes in coming years in part because of predatory lending practices, but he will not advocate a bailout to help cash-strapped borrowers. Dodd said he wants to write a bill that would crack down on abusive lending practices that have targeted less creditworthy subprime borrowers.