WASHINGTON — Lawmakers and administration officials are scheduled to return to the bargaining table at 11:30 this morning to try again to iron out an agreement on a plan to buy illiquid assets from financial institutions.
Lawmakers yesterday announced an agreement in principle on the $700 billion plan but it fell apart, after House Republicans complained it was too expensive and involved too much government intervention in the private sector.
Those Republicans are pushing for the establishment of an insurance system that the banks would finance, to rescue individual mortgages so the government wouldn't have to buy them.
The version that was being discussed yesterday allowed credit unions to participate in the program and also did not include a provision to permit judges to restructure mortgages for people facing foreclosure.
President Bush this morning predicted that lawmakers will “rise to the occasion” and “we are going to get a package passed.”
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