It might seem like a high-stakes game of Deal or No Deal, but the negotiations in Washington aren’t part of a game show and the stakes for all Americans are very high.
President Bush has put the financial crisis in stark terms, stating "Our entire economy is in danger."
Senator Bond, a Republican as is Bush, says the troubles that have rocked Wall Street will hit Missouri hard if the Bush Administration and Congress can’t agree on a fix. Bond warns of small business owners not being allowed to access credit, farmers unable to borrow for their operations, even families facing a cut off of credit or difficulty in accessing cash.
Bond and Senator McCaskill, a Democrat, say any agreement must protect the taxpayer and not reward executives who created the problem. McCaskill says the $700 billion dollar plan is something she can live with, adding that, more importantly, the alternative is something she can’t live with. McCaskill also paints a bleak picture of what will occur if Congress doesn’t act. She says the ability to borrow money will grind to a halt if nothing is done, making it difficult for small business owners to borrow or for college students to get the loans they need to complete their education.
It appeared Congressional leaders and the Bush Administration had reached an agreement. Then, talks broke down. Apparently a meeting at the White House with President Bush, Congressional leaders and the two presidential candidates went poorly and soured talks. Negotiations continue as the Stock Market holds its breath.