Bush addressed Congress Wednesday night and pushed for members to approve his administration's $700 billion bailout legislation, which is even meeting opposition from congressional members of his own party because of its intervention in the private sector. Under the proposal, the government will begin buying financial companies that are struggling in order to rescue the financial industry to prevent a severe recession and the increase in home foreclosures and unemployment.
The President also recently invited Senator McCain and Senator Obama as well as leaders of Congress to discuss the proposal and to persuade them to lend their support. Congress did propose and discuss some changes to the legislation, such as lowering the total cost and restricting the compensation of Wall Street executives. Democrats want to dramatically cut the cost of the legislation but allow the administration to come back to Congress if it needs more. This way some action can be taken quickly without the overwhelming cost of $700 billion all at once. Despite the progress made by Congress, it is still unclear when the final decisions and voting will take place.
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