The Bailout: We Have A Deal??

Not until it’s signed, sealed and delivered. Who knows what could happen next, but the signs are encouraging, if you call corporate welfare encouraging. I know it has to be done, but it still stinks.

Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession.

House Speaker Nancy Pelosi announced the $700 billion accord just after midnight but said it still has to be put on paper.

“We’ve still got more to do to finalize it, but I think we’re there,” said Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol.

“We worked out everything,” said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks.

Congressional leaders hope to have the House vote on the measure Monday. A Senate vote would come later.

Read it all HERE.

Ed Morrissey at Hot Air has an update that says the ACORN slush fund has been dropped from the deal.

The funding of the Housing Trust Fund, the slush fund that feeds ACORN and La Raza, is out.  You can thank House Republicans for enough obstructionism to get that result.  Other changes made to the final version of the bailout, according to a source on the Hill, were the removal of several provisions:

  • Provision to provide unions and other activist groups with proxy access for corporate boards
  • Provision to mandate shareholder votes on compensation issues (union priority)
  • Diversion of funds into a housing fund to support left-wing activist groups like ACORN
  • A provision to allow trial judges to arbitrarily adjust mortgages, creating bonanza for trial lawyers
  • A provision to require the government to sell to state and local governments at a discount homes the government acquires as a result of foreclosure

It also suspends mark-to-market rules and requires a study on their effects on the collapse.

Update II: Just to clarify, the bullet points are items removed from the plan.  Sorry; it was very unclear.


And you need to read Michelle Malkin’s view of this.

Myth vs. Fact at Hot Air.

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