United States President George W.
Bush and the two rivals for his position have failed to reach agreement on an emergency financial bailout. Even before the meeting officially disbanded, Senator Richard Shelby, the ranking Republican member on the Senate banking committee signalled no progress had been made. He has condemned the proposal as "flawed from the beginning", and insisted that alternatives must be considered before Congress is railroaded into rubber stamping the president's plan. House of Representatives and Senate negotiators had earlier reached an agreement in principle on the 700 billion dollar plan to bail out America's financial system. President Bush had warned that a failure to approve the plan could plunge the US economy into a prolonged recession.
(Deutsche Welle)
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