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The article cites a report from White House Press Secretary Dana Perino regarding the decision of U.S. President George Bush administration towards auto-industry bailout. According to Perino, the Bush administration is still negotiating the terms of an auto-industry bailout and has no plans for an immediate announcement. She added that they are not going to be rushed into the negotiation, and any deal would require major concessions from the industry.

The article discusses the political and economic issues to be addressed in the incoming 111th U.S. Congress set in January 2009 as well as notes the impact of the opposing views of the Republican and Democrat legislators. It focuses on the debate over bailout legislation and on the hearing of Attorney General nominee Eric Holder. It also cites other proposals for the President-elect Barack Obama's administration.

The article reports on the support of U.S. President George W. Bush on the use of the Trouble Assets Relief Program funds for the bailout of the automobile industry in the U.S. Bush noted that he was continuing to seek financial measures for the bailout, however, he was not ready to reveal a decision. The result of the investigation conducted by the U.S. Department of the Treasury on the business condition of the industry is also detailed.

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 presents a quote from Senator Bob Corker of Tennessee on the bailout for the Big Three automakers in the U.S.

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 appeal of New Jersey Governor Jon S. Corzine to the U.S. Congress to legislate an economic stimulus package for $1 trillion in aid for two years. Accordingly, in his testimony on the hearing, the governor has called for stimulus package on operating costs of states and Medicaid and food stamps, infrastructure projects, and tax relief. Further, the hearing came after most governors have met with President-elect Barack Obama concerning the stimulus bill.

The article reports on the assertion made by Assistant Secretary for Financial Stability, Kneel Kashkari, which detailed steps on how to improve the monitoring program of the Troubled Assets Relief Program (TARP) money in the U.S. According to the article, they will work with banking regulators in tracking how each bank is spending TARP dollars. In addition, it states that lawmakers have noted that several mechanisms adapted in the TARP are beginning to function.

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 U.S. Senate Majority Leader Harry Reid said that he expects to finish discussions with the White House on $15 billion in short-term aid to the Big Three automakers after Democrats revised their initial plan. The possible endpoint of the talks comes after what Reid called "a lot of give and take" between Democrats and the White House after Democrats released a draft plan to give the Big Three short-term loans with strict conditions.

The article reports that the U.S. House Global Warming Committee Chairman Edward Markey has called on Congress to demand that Detroit automakers meet California's proposed greenhouse gas standards by 2015. Markey, who held a hearing on the energy effects of the auto bailout plan, said that car makers said they would meet more stringent standards by that date when testifying for government financial help and that they now should be held to their promises.

The article reports that transit agencies would benefit from the emerging auto bailout legislation under a provision included in drafts of the bill. The controversy stems from the innovative financing deals that many transit agencies entered into with banks from the late 1980s to 2003, encouraged by the Federal Transit Administration. The so-called SILO transactions enabled banks to receive tax breaks in exchange for injecting capital into transit and other public transportation projects.

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 focuses on the strategies recommended by Federal Reserve Chairman Ben Bernanke for the reduction of housing foreclosures at the Federal Reserve System Conference on Housing and Mortgage Markets in the U.S. Bernanke has proposed the revision of the terms of the Hope for Homeowners program through reducing insurance premium paid by lenders as well as cutting the interest and annual premiums paid by borrowers. Other proposals for the said concern are also discussed.

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 on the attempt of the U.S. House Financial Services ranking member and Democrat Spencer Bachus to avoid a possible challenge from Republicans who are seeking for a stronger advocate of conservative free-market principles in the U.S. The move occurred when the U.S. Congress gets ready to tackle the regulatory overhaul of the country's financial markets in 2009. Moreover, Bachus also opposed the $700 billion financial rescue fund.

The article presents quote from U.S. House Financial Services Chairman Barney Frank arguing on the automobile bailout in the country.

The article reports on the pronouncement of U.S. House Financial Services Committee Chairman Barney Frank for the Department of the Treasury to complete the allocation of some $700 billion financial rescue fund designed to prevent home foreclosures. It cites Frank's clash with Treasury Secretary Henry Paulson over the Bush administration's stance on how to allocate the fund. It also presents Paulson's stand of not making the funds available to domestic automobile manufacturers.

The article reports that U.S. Chamber of Commerce President and CEO Tom Donohue said that at least an auto rescue package must be approved this year, and warned that the country will hit a brick wall if a larger economic stimulus is not enacted soon. Donohue said that his group is working with key officials at the White House and Treasury, as well as Federal Reserve Chairman Ben Bernanke and top Republicans in Congress, to try to stave off the automakers' collapse.

The article reports that U.S. Senate Majority Leader Harry Reid is set to offer a $100 billion economic stimulus bill, which will offer loans to the Big Three automakers and help provide unemployment benefits. Reid's package includes a House-passed $6 billion extension of unemployment benefits and $25 billion in auto industry aid, as well as funding for infrastructure, food stamps and aid to states to prevent them from being forced to cut services and raise taxes.

The article presents a quotation from U.S. Chamber of Commerce President and CEO Tom Donohue on the U.S. administration's reluctance to expand the $700 billion financial rescue package to other industries.

The article reports that while U.S. House Financial Services Committee Chairman Barney Frank is planning to release a bill to provide a $25 billion bridge loan that would place restrictions on the Big Three automakers, several lawmakers are still tooling their own bills to bail out the auto industry. Frank's bill will prohibit dividends and ban bonuses for any employee who makes more than $200,000 annually and will establish an oversight board to veto company decisions.

The article reports that the U.S. Senate will take up a $25 billion loan package for the Big Three automakers and Majority Leader Harry Reid plans to attach it to a $6 billion bill providing unemployment benefits. He has sent a letter to Minority Leader Mitch McConnell stating that he will push forward with the plan unless McConnell agrees to a larger economic stimulus plan. Senate Banking Committee Chairman Christopher Dodd said that the Senate lacks votes to pass it.

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 that a new economic stimulus package and financial help for the struggling automobile industry are centerpieces of the lame-duck session in the U.S. Congress. The money for automakers would be attached to a $6 billion extension of unemployment insurance funding approved earlier by the House. Senate Banking Committee Chairman Christopher Dodd said that he does not believe enough Republican votes will be there for passage.

The article reports that lobbying over the automaker bailout package has ramped up in the U.S., with the National Automobile Dealers Association (NADA) jumping into the fray. The group, which represents about 20,000 dealers, could be an important factor in swaying reluctant Republican members to vote for a package that is primarily benefiting the industrial Midwest and the big three automakers' union members. During this year's cycle, they gave $7.4 million to Republican candidates.

The article repots that ethanol critics are taking aim at a statement by U.S. Agriculture Secretary Ed Schafer suggesting that the Department of Agriculture could provide troubled ethanol companies with refinancing worth up to $25 million per firm. However, a spokesman of the department said that he was referring only to the existing business and industry development loan programs rather than outlining a new plan. Larry Hart of the American Conservative Union condemned this idea of a bailout.

The article reports that activists said that companies with defined benefit pension plans will face further financial losses that could result in more job cuts unless U.S. Congress comes back for a lame-duck session and passes an economic stimulus. Jamey Delaplane, an outside counsel for the American Benefits Council, said that a lame duck is critical for these companies and is pushing Congress to enact a series of proposals to help companies that support defined benefit pensions plans.

The article reports that U.S. President George W. Bush has defended his administration's interventions in the financial sector to deal with the credit crisis and argued that there was no other choice. Bush pledged that the government's intervention would be limited to only what is necessary and would be short-lived. He said that there will be no tax increases and he will make another pitch for approval of trade agreements with Colombia, Panama and South Korea.

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 article reports on the attacks launched by political candidates from different parties in Kentucky against incumbents over their support for the $700 billion bailout bill for the struggling financial services industry. One of them is Bruce Lunsford, the Democratic opponent of U.S. Senate Minority Leader Mitch McConnell, who began running advertisements that contend the U.S. "got into this mess" that caused the market meltdown because of career politicians like McConnell.

The article reports that Democratic candidate Al Franken for Minnesota's senatorial seat is leading in the new poll against Republican Senator Norm Coleman in the wake of the approval of the financial industry bailout bill by the U.S. Congress, which Coleman voted for and Franken opposed. The University of Minnesota's Humphrey Institute conducted two polls, wherein Coleman led 40-31 percent over Franken in the first and Franken led with 41 percent against Coleman's 37 percent in the second.

The article reports on the move of Representative Jean Schmidt to defend the $700 bailout bill she voted in the U.S. Schmidt, claims that the vote was originally against the bill due to the pressure. However, Schmidt decided to support it after realizing that something had to be done to shore up the financial and credit markets.

The article discusses the issues on passing financial rescue bill in the U.S. House Democrats slammed Lehman Brothers chief executive officer Richard Fuld and the Securities and Exchange Commission's (SEC's) loosening of investment banking regulations in what looks to be a politically charge effort to weigh accountability for financial crisis. House Republicans have criticized the hearings as efforts to frame the financial crisis to help Democrats in the November 2008 elections.

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 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 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 statements of U.S. Representative Joseph Crowley during the vote on the financial bailout package. Crowley shouted to the Republican Party (GOP) side of the House floor that the Dow Jones Industrial Average has declined to 600 points. He asked if the opponents of the rescue package would like to see the Dow Jones industry to drop further before they would approve the proposal.

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 offers information on various legislation that are likely to be brought to the U.S. House floor before its adjournment. It states that House Speaker Nancy Pelosi hopes to bring an economic stimulus package, and the Democratic leaders hope to bring the financial industry bailout package with a target of completing the Senate action. It mentions that Senate Majority Leader Harry Reid has announced to file cloture on the House-passed continuing resolution for the financial year 2009.

The article reports that the U.S. Democratic and Republican Party negotiators said that they had reached an agreement in principle on a financial rescue package designed to steady financial markets and prepared to sell the plan to their respective caucuses. According to the negotiators, the agreement would include limits on executive compensation, efforts to mitigate home foreclosures and independent oversight of the program.

The article presents the opinion of U.S. Congressional Budget Office (CBO) Director Peter Orszag regarding the nation's economy. He has said that if the Congress does not adopt a financial bailout package soon, the economy faces financial chaos that could resemble the Great Depression. Orszag said that directing the package towards resolving liquidity problems should cost the federal government relatively little while answering insolvency issues would mean overpaying for assets in purchase.

The article discusses the September 24, 2008 address of the U.S. President George W. Bush to make a case that the administration's proposed $700 billion bailout is the best option to stabilize U.S. financial markets. It is aimed at the president to take ownership of the plan. Despite briefings by U.S Department of Treasury Secretary Henry Paulson and chairman of the Board of Governors of the Federal Reserve System, Ben Bernanke, Democratic and Republican lawmakers are still concerned.

The article discusses the U.S. Board of Governors of the Federal Reserve System chairman Ben Bernanke's semiannual report to the Joint Economic Committee. Bernanke has told the Congress that failure to enact the $700 billion bailout the Wall Street, New York could end up costing more in lost economic growth. He said that the Department of Treasury would be buying shaky securities from troubled investment banks that could be resold to private investors to offset the cost.

The article discusses the possibility of the bailout package coming on the floor of the U.S. House. House Majority Leader Steny Hoyer has played down the potential harm from Democrats as their leaders are striving to keep voters attention turned to the role of President George W. Bush's administration in the matter. Treasury Secretary Henry Paulson's testimony in front of the House Financial Services Committee is being considered key in selling the program.

The article reports that the U.S. Republican Study Committee proposed an alternative free-market proposal of tax cuts and deregulation, arguing that the government's plan to bail out the financial sector will launch massive, long-term government involvement in the markets. It states that the plan of the conservative House group would immediately suspend capital gains taxes for two years and privatize Fannie Mae and Freddie Mac.

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.