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Washington Readies Sea Change for Wall Street
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Those provisions are likely to anger conservatives. But a Democratic aide said they would be needed to rally votes for a hugely expensive bailout plan that might be opposed by fiscal hawks in their own party as well as some Republicans.
Republican leaders yesterday warned against loading up the measure with Democratic priorities. "Now is not the time for partisan plans or pet projects," Senate Minority Leader Mitch McConnell (R-Ky.) said in a written statement.
But Frank and Schumer said Paulson has been open to negotiation.
"The secretary is feeling even more pressure" from economic conditions, Frank said, adding that he has told both Paulson and Federal Reserve Chairman Ben S. Bernanke to continue to exercise their emergency powers to stabilize the economy while the legislation is pending.
Paulson worked the phones all day Saturday, urging lawmakers to act fast. After briefing representatives from both parties and both chambers, Treasury officials said they remain confident the bill will win quick approval.
Staff writers Dan Eggen and Binyamin Appelbaum contributed from Washington, Mary Jordan from London and Craig Whitlock from Berlin.
