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TUG OF WAR DEVELOPS OVER FINANCIAL PLAN
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Published: September 24, 2008
Top Bush administration officials paint a dire picture of recession, layoffs and more foreclosed homes if Congress doesn't quickly pass a proposed $700 billion financial bailout package.
Lawmakers from both parties want to limit golden parachutes for executives of rescued companies. Democrats seek other changes in the rescue plan, such as a government stake in the bailed-out firms.
Consumer groups push for provisions to help homeowners avoid foreclosure. They want lawmakers to require banks to modify mortgages and to let homeowners restructure loans in bankruptcy court.
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