Bailout bill goes to the White House
President Bush delivers remarks during a meeting with representatives of American businesses on the Economic Rescue Package (Image: White House photo by Eric Draper)
Congress has reversed itself and passed what’s now called "economic rescue" plan — 263 to 171 — amid dismal news about employment and California’s need for a big federal loan.
Saying that passage of the bill won’t get us out of the recession, Republican leader John Boehner admitted that "it’ll be a whole lot rougher ride if we don’t pass this bill."
Democrat Nancy Pelosi, the House Speaker, acknowledged that in "my own state of California, officials — including the governor — are urgently calling for federal legislation to avoid economic catastrophe."
Will the bill resolve the credit crisis? Will taxpayers make money on a $700 billion investment? "To the Point" looks at what that could mean for the credit crunch and the crisis in housing.
Guests:
– Richard Rubin: Economics Reporter, CQPolitics.com
– Steven Davidoff: Professor, Connecticut School of Law
– Robert Reich: former Secretary of Labor
Hosted by award-winning journalist Warren Olney, "To the Point" presents informative and thought-provoking discussion of major news stories — front-page issues that attract a savvy and serious news audience.