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Leading members of the U.S. Congress say they have reached an agreement on the principles for the Bush administration's plan for a massive bailout of the nation's troubled financial sector1. But, negotiations2 continue on the specifics of the proposed $700 billion bailout. VOA's Dan Robinson reports from Capitol Hill.
Sen. Chris Dodd, surrounded by other members of Congress, talks with reporters after a meeting on market turmoil3 on Capitol Hill, 25 Sept. 2008
As around the clock talks continued behind closed doors on Capitol Hill Thursday, Democratic and Republican leaders gave their assessment5 of where efforts stand to produce bipartisan legislation that could attract enough votes to pass.
Lawmakers from both major parties have received a flood of messages from constituents6, most of them critical of the Bush administration proposal.
House of Representatives Speaker Nancy Pelosi says there are differences on both sides of the political aisle7 about what form a final measure should take. But she says Congress will act quickly.
"Everybody knows that we must intervene. So we will act and we will act deliberatively in a bipartisan way and soon," said Pelosi.
House Minority Leader John Boehner says he has been working with Pelosi to craft bipartisan legislation. He addressed concerns among Republicans. But despite news reports saying a deal was near, Boehner said no decisions have been made yet on a measure to bring to the House floor.
"Concern remains8 over the plan as presented by the Secretary of the Treasury9. And so there have been ideas kicked around and discussed about how that might be modified, but there are no decisions yet," said Boehner.
House Speaker Pelosi cited as progress President Bush's agreement with majority Democrats10 on the need to limit pay for executives of financial institutions.
She also addressed another proposal to allow the government to assume an ownership stake in troubled companies as part of efforts to ensure that taxpayers11 have greater protections under the White House plan.
"The bill that is out there allows for the approach the administration wants to take of buying up the commercial and residential12 [mortgage-based] paper, and also to be able to have warrants or an equity13 position," added Pelosi.
President Bush used a nationwide televised address on Wednesday to urge Americans to support the proposed $700 billion bailout plan, under which the government would purchase de-valued mortgage-based assets held by investment firms and banks threatened with collapse14.
Assessments15 by Representatives Pelosi and Boehner came ahead of an appearance at the White House by the two major presidential candidates - Republican John McCain and Democrat4 Barack Obama.
Key members of Congress involved in negotiations have been in daily contact with Senators Obama and McCain.
Obama has rejected a call by McCain, who announced a suspension of his campaign to return to Washington, to delay the first presidential debate set for Friday.
1 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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2 negotiations | |
协商( negotiation的名词复数 ); 谈判; 完成(难事); 通过 | |
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3 turmoil | |
n.骚乱,混乱,动乱 | |
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4 democrat | |
n.民主主义者,民主人士;民主党党员 | |
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5 assessment | |
n.评价;评估;对财产的估价,被估定的金额 | |
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6 constituents | |
n.选民( constituent的名词复数 );成分;构成部分;要素 | |
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7 aisle | |
n.(教堂、教室、戏院等里的)过道,通道 | |
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8 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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9 treasury | |
n.宝库;国库,金库;文库 | |
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10 democrats | |
n.民主主义者,民主人士( democrat的名词复数 ) | |
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11 taxpayers | |
纳税人,纳税的机构( taxpayer的名词复数 ) | |
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12 residential | |
adj.提供住宿的;居住的;住宅的 | |
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13 equity | |
n.公正,公平,(无固定利息的)股票 | |
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14 collapse | |
vi.累倒;昏倒;倒塌;塌陷 | |
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15 assessments | |
n.评估( assessment的名词复数 );评价;(应偿付金额的)估定;(为征税对财产所作的)估价 | |
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