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Bailout talks could drag into weekend

Emergency rate cut on the line?
Published on Sep 26, 2008

Congressional leaders emerged from a meeting with President Bush Thursday with no agreement on implementing a plan to buy billions in troubled assets from banks and financial institutions.Although Democrats emerged from a long negotiating session earlier in the day with Republican lawmakers claiming to be near a consensus on legislation authorizing the plan, GOP leaders leaving the White House meeting said no agreement had been reached.Alabama Republican Sen. Richard Shelby, who is opposed to a bailout and did not attend the earlier negotiation session, came out of the White House meeting saying there was "obviously no agreement," the Associated Press reported. Republican leaders in the House and Senate also denied a deal had been struck, AP said.Shelby is the ranking Republican on the Senate Banking Committee, which is considering draft legislation proposed by Sen. Chris Dodd, D-Conn., that would allow the Bush administration to implement a revised version of the plan.The Bu...

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