Business News
White House disappointed over defeat of bail-out plan (Extra)
Sep 29, 2008, 19:08 GMT
Washington - The White House, reeling from the congressional defeat of its 700-billion-dollar plan to bail out Wall Street on Monday, was evaluating what to do next to stave off a broader economic collapse.
'It's a disappointment,' Tony Fratto, a White House spokesman, told CNN. 'We thought there would be enough support for this legislation.'
The House of Representatives voted 228 to 205 against President George W Bush's package to rescue the crumbling financial market. The defeat came after most Republicans broke with Bush and voted against the deal.
The White House and Congress must work together on a solution to keep the economy from grinding to a halt, Fratto said.
'That's something that nobody wants to see,' Fratto said.
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JakeSep 29th, 2008 - 19:36:37
Well, at least the Democrats can't be totally blamed for this veto. I think, personally, there needs to be more time to study this proposal or any other that comes down the pike so something even worse doesn't materialize on hasty decisions.
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