Lawmakers hope new ideas will revive bailout plan

ASSOCIATED PRESS

WASHINGTON - Congressional leaders, President Bush and the two rivals to succeed him rummaged through ideas new and old Tuesday, desperately seeking to change a dozen House members' votes and pass a multibillion-dollar economic rescue plan. In addition, there was talk of making it easier for financial institutions to hold questionable long-term assets, an idea embraced by some of the House Republicans who slapped down the bailout bill and sent stocks tumbling on Monday. Congressional leaders hope the changes under discussion - or a few others that could be in the mix - will be enough to persuade as few as six House Republicans and six Democrats to undo Monday's stunning vote that rejected a proposed $700 billion rescue. Read more

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NY mayor Bloomberg to seek third term: report

REUTERS

NEW YORK (Reuters) - New York City Mayor Michael Bloomberg will seek a third term next year, believing the Wall Street crisis is so grave that a law barring him from running again should be altered, The New York Times reported on Tuesday.The... Read more

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FDIC wants to raise deposit insurance limit: source

REUTERS

WASHINGTON (Reuters) - The chairman of the House Financial Services Committee has told lawmakers that a federal bank regulator will seek authority to increase the deposit insurance limit to a level... Read more

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White House hopeful bailout bill will pass this week

REUTERS

WASHINGTON (Reuters) - The White House on Tuesday said it was hopeful that a $700 billion financial bailout would pass Congress this week after the House of Representatives rejected it."We're very... Read more

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Bush says economy needs government action

REUTERS

WASHINGTON (Reuters) - President George W. Bush on Tuesday said the economy was depending on decisive action from the government on a financial bailout plan or the economic damage could be "painful... Read more

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Bailout revival sought, with better deposit safety

ASSOCIATED PRESS

WASHINGTON - Alarmed by setbacks, supporters of the imperiled multibillion-dollar economic rescue fought to bring it back to life Tuesday, courting reluctant lawmakers with sweeteners including a plan to reassure Americans their bank deposits are... Read more

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Obama, McCain seek political gain in credit crisis

ASSOCIATED PRESS

DES MOINES - White House rivals John McCain and Barack Obama combined televised attack ads with statesmanlike appeals for bipartisanship on Tuesday as they vied for political gain in the shadow of... Read more

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Lawmaker urges SEC to halt market volatility

REUTERS

WASHINGTON (Reuters) - A senior U.S. lawmaker urged the U.S. Securities and Exchange Commission on Tuesday to reinstate an index arbitrage rule to halt market volatility."The SEC has the authority... Read more

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Lawmakers try to revise bailout, FDIC hike seen

ASSOCIATED PRESS

WASHINGTON - Congressional leaders scrambled Tuesday to come up with changes to help them sell the failed $700 billion financial bailout to rank-and-file members. One idea gathering support: raise... Read more

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Bush pushes bailout as bank crisis spreads

REUTERS

NEW YORK (Reuters) - President George W. Bush eased pressure on financial markets Tuesday with assurances that a $700 billion bailout for the financial sector can be revived, but the crisis spread... Read more

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Senate leaders vow passage of fiscal rescue plan

REUTERS

WASHINGTON (Reuters) - The top Democrat and top Republican in the Senate on Tuesday promised swift action to pass a bipartisan financial rescue plan that the White House says is vital to protect... Read more

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McCain supports boosting deposit insurance

REUTERS

WASHINGTON (Reuters) - Republican Sen. John McCain on Tuesday backed increasing the limit on bank deposits guaranteed by the federal government to $250,000 from its current level of $100,000.In an... Read more

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Mukasey Taps Special Prosecutor in Firings Probe

USA TODAY

WASHINGTON -- A special prosecutor will investigate whether former attorney general Alberto Gonzales and his staff broke the law when they fired nine U.S. attorneys. Attorney General Michael... Read more