White House yields on executives' pay; Bush to speak
By JULIE HIRSCHFELD DAVIS and DAVID ESPO, Associated Press Writers 14 minutes ago
The White House bowed on a major sticking point in the $700 billion financial bailout plan Wednesday, and President Bush readied a prime-time speech to the nation as the administration scrambled to pull loudly resistant lawmakers onboard and stave off a deepening economic crisis.
Republican presidential nominee John McCain said he was returning to Washington and was asking Democratic rival Barack Obama to agree to delay their first debate, scheduled for Friday, to deal with the meltdown that has engulfed the political race as well as Congress less than six weeks before Election Day. Obama's campaign said he was inclined to go ahead with the debate.
Treasury Secretary Henry Paulson said he was agreeing to demands from critics in both parties to limit the pay packages of Wall Street executives whose companies would benefit from the proposed bailout.
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The White House bowed on a major sticking point in the $700 billion financial bailout plan Wednesday, and President Bush readied a prime-time speech to the nation as the administration scrambled to pull loudly resistant lawmakers onboard and stave off a deepening economic crisis.
Republican presidential nominee John McCain said he was returning to Washington and was asking Democratic rival Barack Obama to agree to delay their first debate, scheduled for Friday, to deal with the meltdown that has engulfed the political race as well as Congress less than six weeks before Election Day. Obama's campaign said he was inclined to go ahead with the debate.
Treasury Secretary Henry Paulson said he was agreeing to demands from critics in both parties to limit the pay packages of Wall Street executives whose companies would benefit from the proposed bailout.
--MORE--