US congressional leaders say they have reached a tentative deal on a 700-billion-dollar package to support financial markets.
House of Representatives Speaker Nancy Pelosi told reporters that the deal still had to be put on paper. The Bush administration's plan would use taxpayer's money to buy the bad debt of banks, which is the primary cause of the financial crisis. The aim is to prevent credit from drying up and causing a meltdown of the US economy. Congress hopes to reach agreement on a bill by the opening of stock market trading on 'Great progress' in US bail-out ...
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Bush to attend Olympic ceremony ... Monday. It has been working through the weekend to reach a compromise on the package, which has been criticised for its lack of accountability.
(Deutsche Welle)
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