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Wall Street crisis. Bailout Proposal Meets Bipartisan Outrage "The Bush administration sent some of its most powerful figures to Capitol Hill yesterday to rally support for a $700 billion plan to revive the U.S. financial system, but they encountered stiff resistance from lawmakers who are deeply skeptical of the proposal and angered by the administration's push for its speedy approval." Congress balks at Treasury's plan for Wall Street "In its first formal presentation to Congress, the Bush administration's $700 billion plan to rescue the financial system was strafed from left, right and center, with critics demanding to know why overburdened taxpayers should bail out the Wall Street firms that created the crisis." Hostile Congress likely to revise Wall Street bailout plan "Congressional lawmakers grew uneasy about the Bush administration's plan to spend $700 billion rescuing America's financial industry, demanding provisions that limit executive pay and assurance to taxpayers that they're not writing a blank check to bail out troubled firms." Congress Objects to Lack of Help Aimed at Homeowners "The White House waged a multifront campaign to persuade Congress to accept its vast economic bailout plan, though many in Congress, still unhappy with what they were hearing, continued to push for changes that would provide stronger protection for taxpayers and impose tougher terms on financial institutions." Alternative Solutions Diverge From Administration's Approach "To hear Henry M. Paulson Jr. and Ben S. Bernanke tell it, there is only one plan to save the economy -- use $700 billion in taxpayer money to take the worst of Wall Street's assets off its books."
Presidential campaign. Obama and McCain Stand Firm on Bailout "With pressure mounting on Congress to pass a $700 million bailout of financial firms, Senator John McCain struck a more urgent tone on the need to act quickly, but he and Senator Barack Obama insisted on conditions that had to be met in the final plan." Hopefuls' grand plans may be delayed "Campaigns are made for promises, and the presidential candidates have made many to voters in the past 18 months. But the crisis in the nation's financial system and the prospect of chronic, large federal budget deficits will probably delay many of their most ambitious proposals."
United Nations. In U.N. Speech, Bush Focuses on Terrorism "On a day when other world leaders largely focused on the global economic crisis, President Bush sought to turn the attention of the United Nations to his core foreign policy goals of fighting terrorists and promoting freedom around the world." At the U.N., leaders call for new rules for global markets "World leaders heard assurances from President Bush that he is acting swiftly to contain America's financial upheaval, but allies and critics alike called for a collective effort to rewrite the rules governing global capital markets." Bush embraces 'multilateral' vision in U.N. swan song "Yet now, near the end of his presidency, with the U.S. entrenched in nation-building in Iraq and Afghanistan, Bush has largely cast aside his go-it-alone approach, calling on the U.N. to embrace a 'multilateral' vision to protect the world against terrorism." Upheaval on Wall St. Stirs Anger in the U.N. "Wall Street and the Bush administration's record of financial oversight came under attack at the United Nations, with one world leader after another saying that market turmoil in the United States threatened the global economy."
Global warming. Western states pitch plan to reduce greenhouse emissions "Seven Western states and four Canadian provinces proposed a sweeping regional crackdown on global warming emissions in the face of continuing reluctance by the Bush administration and Congress to pass comprehensive climate legislation." Coalition unveils cap-and-trade plan "A coalition of seven U.S. states and four Canadian provinces released a cross-border proposal yesterday to lower emissions from power plants, manufacturers, and vehicles."
Hurricane Ike-Cuba. In Cuba, recovery is slow and uncertain "The twin natural disasters may be the worst to ever hit the communist island, with preliminary damage estimates for the two storms reaching an estimated $5 billion." Hurricanes Shift Debate On Embargo Against Cuba "A pair of devastating storms have prompted new calls for the United States to end its long isolation of Cuba, including from hard-line exile groups that are pushing for the Bush administration to loosen restrictions they had long favored."
Hurricane Ike-Texas. I-45 packed as Galveston residents return after Ike "Officials have warned residents that Galveston Island remains a devastated place with few trappings of civilization and many serious health hazards, but the miles-long traffic jam moving slowly southward on the Gulf Freeway attests to the desire many are feeling to return home despite everything." Running on fumes and fear "Since Hurricane Ike struck the Texas gulf coast, 'out of gas' signs have become common sights across the South. But the problem is not entirely caused by a reduction in gasoline, industry experts said, it is partly due to panic."
Hurricane Ike-Ohio. Long lines, little relief for the needy "The four Salvation Army service centers in central Ohio are distributing a combined 200 gift cards a day, limited by their budget. They had to turn away more than 1,000 people who lined up on Monday and even more yesterday,
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