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Reports on the introduction of a multi-billion airline bailout bill by the U.S. House Transportation and Infrastructure ranking member James Oberstar. Purpose of introducing the bill; Benefits provided by the bill.

The article discusses the move of the White House to vote on a bailout bill concerning the automotive industry in an aim to change the language in the bill and require adherence to federal emissions standards only in the U.S. House Republican leaders proposed a plan that would forgo low-interest loans and call on the government to provide insurance in order to ensure the taxpayers' protection. It states that automotive players ought to make concessions to assure the sector's viability.

The article reports that the U.S. Democrats are set to finish drafting a $15 billion loan package for beleaguered U.S. automakers, with an agreement with the White House possible. Democrats continued to modify their plan, but one likely provision is that the Big Three automakers may not use the loans to sue states that adopt California's stricter limits on tailpipe emissions. It is unclear whether Democrats will require the creation of an auto czar to oversee the restructuring.

The article reports on the clearing of the U.S. House of the legislation 263-171 that provides a $700 billion rescue to at risk financial institutions to shore up the unstable economic condition of the country. Pressure grew on California representatives to vote for the bill after Governor Arnold Schwarzenegger wrote to Treasury Secretary Henry Paulson that his state might need an emergency loan of up to $7 billion.

The article reports on the refusal of the U.S. House to implement the bailout plan bill. The House rejected the federal government $700 billion bailout package to rescue to uncertain credit market that threatens to bring the nation's economy to standstill. It declined the bill 228-205 which triggers a drop of more than 700 points in the Dow Jones Industrial Average.

The article reports on the action taken by the opponents of the U.S. bailout plan to defeat the negotiated $700 billion rescue package. Despite of the demand of party leaders and President George W. Bush to push the bailout package, there were 100 Democrats and Republicans stood their ground to hold the plan and asked for more time to debate it. Representative Paul Broun believes that the bill would not solve the nation's economic problems because it would fail to bail out banks.

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 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.