US legislators worked behind closed doors through Saturday, seeking agreement on a 700 billion-dollar package to support financial markets.
Chief Republican negotiator, Congressman Roy Blunt, said although the situation was urgent, his party would not be rushed into agreeing on legislation. Congress hopes to reach agreement on a bill by the opening of stock market trading on Monday. It has been working through the weekend to reach a compromise on the package, which has been criticised for its lack of accountability. The Bush administration's plan would use taxpayer's money to buy the bad debt of banks, which lies at the heart of the financial crisis.
(Deutsche Bush optimismistic about bailout plan ...
Management shake-up at Fannie Mae ... Welle)
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