“there Is No Financial Bailout Deal”- Ohio Republican John Boehner

NO Deal ! - says House Minority Leader John Boehner (R-OH)

House Minority Leader John A. Boehner (R-Ohio), gathering his GOP colleagues in a private huddle for a third straight morning, declared that there was no bipartisan compromise on the $700 billion financial rescue effort, despite announcements to the contrary by Democratic Senate and Congressional Leaders.

The proposed compromise bill would authorize the full $700 billion requested by President Bush, but that Congress was intent on disbursing the money in installments. $250 billion would be released immediately, with another $100 billion available at the discretion of the president.

"There is no deal," Boehner said, according to participants in the meeting.

House Speaker Nancy Pelosi of California had made clear that she did not want to approve the bailout plan without rank-and-file Republican support.

Pelosi said President Bush has agreed in principle to four basic conditions for the bailout package:

1) strict oversight

2) curbs on the pay of executives whose firms are bailed out - limited to $1 Million salary cap

3) help for homeowners

4) an equity position for taxpayers in the companies that accept public funds so that taxpayers have a chance to profit if the companies prosper in the months and years ahead.

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