September 28th, 2008
03:15 PM ET
6 years ago

Rescue bill revealed

NEW YORK (CNNMoney.com) - The federal government would provide as much as $700 billion in a far-reaching plan to rescue the nation's troubled financial system, according to a draft of the proposed bill obtained by CNN.

The legislation is still being negotiated and elements of the bill could still change.

The core of the bill is based on Treasury Secretary Henry Paulson's request for authority to purchase troubled assets from financial institutions so banks can resume lending and so the credit markets, now virtually frozen, can begin to operate more normally.

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Filed under: Congress
soundoff (44 Responses)
  1. Darryl Arlington

    Gov. Sarah Palin requested and received a four-day extension for filing her federal financial disclosure report.

    Her new deadline for filing the report is Oct. 3, the day after her debate in St. Louis with Democratic vice presidential nominee Joe Biden.

    A spokesman for the McCain-Palin campaign says they need more time to prepare the form, because the governor has not run for federal office in the past.

    September 28, 2008 05:18 pm at 5:18 pm |
  2. Barney

    Send Lieberman to McCain's side STAT. The man has lost ALL his bearings and needs help rounding them up !!!

    September 28, 2008 05:19 pm at 5:19 pm |
  3. SOUTHERN HOTTIE

    PAULSON IS A RAT!!

    September 28, 2008 05:20 pm at 5:20 pm |
  4. mobiusinformer

    Not ONE THIN DIME! NO NO NO NO NO. No.

    Stop paying our nation's Visa bill with the Federal Reserve Bank Gold Mastercard!

    September 28, 2008 05:20 pm at 5:20 pm |
  5. Doasyoulikes

    If Obama will be a "Present" President, we'll be a nation of "Doasyoulikes". All we'll say is: "Ubboboo" and we'll die happily ever after.

    September 28, 2008 05:20 pm at 5:20 pm |
  6. Mack

    I am sure Obama will take credit....even though it was McCain who went back and did his job...Also, I want to know how much ACORN is getting...

    September 28, 2008 05:22 pm at 5:22 pm |
  7. WM in Colorado

    I am 100% against this handout to big business and I will vote against any Politician who votes for it.

    If McCain and Obama vote for it....neither will get my vote.

    September 28, 2008 05:23 pm at 5:23 pm |
  8. jimmy

    PRO -OBAMA BLOG EMPLOYEE WILL NOT POST ANTI-OBAMA BLOGS . WHILE HUNDREDS OF PRO-OBAMA BLOGS POSTED BY PROFESSIONAL (PAID OR VOLUNTEERS) ARE IN THE CNN BLOGS DAILY . WE NOTICE THE SOURCES BY THE SAMENESS OF GRAMMAR AND COMMENTS ..
    I AM HEARING OBAMA "LECTURING" ON CNN AT THIS MOMENT.
    HE IS ALSO GETTING A LOT OF AIR TIME IN THE MEDIA FROM NBC
    TO CNN.

    September 28, 2008 05:24 pm at 5:24 pm |
  9. AP

    What is the link to view the bill?

    September 28, 2008 05:26 pm at 5:26 pm |
  10. Liz T, Tucson

    Why no coverage of the NYT story on McCain and his gambling and close ties to Indian casinos and their lobbyists? THis is a bombshell and I am in AZ. I had no idea!!

    September 28, 2008 05:26 pm at 5:26 pm |
  11. Dennis Watson

    Why does the Senate or the House Dems care about the House Republicans? The Dems outnumber them in the House.

    The Republicans would do it to the Dems!

    September 28, 2008 05:26 pm at 5:26 pm |
  12. indy chris

    THIS STINKS! throw 700 billion to republicans with republican oversight??? provide golden parachutes to executives that "participate"??? WHAT???!!!???

    September 28, 2008 05:26 pm at 5:26 pm |
  13. Janet Senior White Female

    Bailout,,,,,,Definitely NOT

    LET THE MELTDOWN BEGIN!!!!!!!
    Its about time we stick to our issues, and see what will truly happen.....

    September 28, 2008 05:27 pm at 5:27 pm |
  14. Kim

    President Bush begged, cajoled and threatened in order to get this Bail Out Bill. Now it is the Republicans that refuse to get it done. What has happened to the GOP? These people have lost it. The Republicans need to lose this election so that they can regroup and save their disintegrating party. And McBush. Please snap out of it and quit useing the same lame boring tactics. Who cares about money that was spent to study DNA of endangered Bears? Your VP candidate spent three times as much pork barrel money to study mateing Crabs in Alaska. Outline your economic plan or just go home to one of your eight houses.

    September 28, 2008 05:31 pm at 5:31 pm |
  15. Linda/Michigan

    One question. Why are earmarks on this bill? I thought this bailout was to help wallstreet and mainstreet? This is the same old garbage of Washington politics. Biden already has his fingers in it for 51 million. If the democrats had their way, Acorn would also be getting a good share. This democratic congress has got to go. Oh, by the way, I have been a democrat all my life until now.

    September 28, 2008 05:32 pm at 5:32 pm |
  16. Jesse

    this is bull. we shouldnt have to bailout any private companies. they should have known what they were doing. Maybe theyre doing it cuz they know that the government will bail them out.

    September 28, 2008 05:34 pm at 5:34 pm |
  17. MikeH

    If it is still subject to change, then it's not a bill yet, it is a set of proposals "elements" which could be dropped or edited.

    Nice try CNN, you're overreaching your credibility again.

    September 28, 2008 05:34 pm at 5:34 pm |
  18. McChicken

    Thanks GOD that..... McStunt ....didn't get his hand on it too much!

    That's the closest he'll ever get to the Whitehouse again !

    September 28, 2008 05:35 pm at 5:35 pm |
  19. Mike

    This morning CNN re aired the video of the African Holy Man who performed the ritual to ban Withcraft from Sarah Palin. Her church flew this man in from Kenya Africa for the exorcism. So did it take? Watching her perform it is hard to tell. Maybe she needs a tune up?

    September 28, 2008 05:35 pm at 5:35 pm |
  20. nadeem

    McCain, instead of helping the only thing he did in Washington was have a $300.00 plate dinner at a fancy hotel.

    8 houses
    6 cars
    fancy hotels

    out of touch

    September 28, 2008 05:35 pm at 5:35 pm |
  21. Jayson

    Leave it to Pelosi to try to pin the blame for this mess completely on Wall Street and Bush. It is always easy to ignore the fact that the Dems blocked a bill co-sponsored by McCain that would have in some part made these problems lesser. It is also easy to act as if home buyers were in no way at fault. Nobody held a gun to their heads and made them buy homes they couldn't afford.

    Leave it to government to only try to fix the problem when disaster is on our doorstep. They have known for over a year that things would be bad and yet they waited until things started to fall apart to get their act together and actually try to do something.

    September 28, 2008 05:35 pm at 5:35 pm |
  22. wt

    obama = ACORN

    September 28, 2008 05:36 pm at 5:36 pm |
  23. Rose

    Please watch and then decided. The MSM is trying to downplay who is to blame. There is no excuse, but for Obama to think that he's been talking about this problem for some time, hardly think so – and he certainly did nothing do rectify the problem. Obama is just too inexperienced and this country needs to wake up and start taking responsibility even for their own mistakes and actions.

    September 28, 2008 05:37 pm at 5:37 pm |
  24. wt

    Hmmm, Obama was once a member of ACORN??? suspected of fraudulent voter registration and initially part of the bailout plan??? hmmmmmmmmmmmmmmmm

    September 28, 2008 05:37 pm at 5:37 pm |
  25. Trixie

    As a private citizens, when we put our hard earned money in high risk investments we expect high return. We are also quite aware (or at least most of us are) that if our high risk investments do not perform and go kaputz, we get nothing and we lose. We sign papers ackowledging this. But now that the big boys are in that ugly spot, we are expected to pay up for their greed without them losing anything?. Sure we need to do something about it, but I just highly hope that we are not going to get screwed twice in a row, especially since government is now "so involved."

    September 28, 2008 05:38 pm at 5:38 pm |
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