BAILOUTS: Midnight Budgetry

Midnight Budgetry

Eager to flee Washington last week for a monthlong recess, Congress worked well past its deadline, arguing over how to finance a ten-year, $166 billion federal rescue plan for more than 500 insolvent savings and loans. The busted thrifts are losing about $20 million a day. When a compromise with the White House threatened to unravel Friday, it looked as if the lawmakers would leave town without solving the problem.

House leaders wanted to charge the $50 billion first-year cost of the program to the federal budget. President Bush had threatened to veto the legislation unless Congress agreed to keep most...

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