McCain, whose support of the deal is critical if fellow Republicans are to sign on, declined to take a stand. Boehner pressed an alternative that involved a smaller role for the government, and Mr. Boehner of Ohio, surprised many in the room by declaring that his caucus could not support the plan to allow the government to buy distressed mortgage assets from ailing financial companies. in the Cabinet Room, adding, “My hope is we can reach an agreement very shortly.”īut once the doors closed, the smooth-talking House Republican leader, John A. Bush told reporters as the meeting began shortly before 4 p.m. “We’re in a serious economic crisis,” Mr. It was intended to pump billions of dollars into the financial system, restoring liquidity and keeping credit flowing to businesses and consumers. When Congressional leaders and Senators John McCain and Barack Obama, the two major party presidential candidates, trooped to the White House on Thursday afternoon, most signs pointed toward a bipartisan agreement on a grand compromise that could be accepted by all sides and signed into law by the weekend. Left uncertain was the fate of the bailout, which the White House says is urgently needed to fix broken financial and credit markets, as well as whether the first presidential debate would go forward as planned Friday night in Mississippi.
By 10:30 p.m., after another round of talks, Congressional negotiators gave up for the night and said they would try again on Friday.
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