Congress will be closed for business until tomorrow evening for the Rosh Hashanah Jewish holiday, giving negotiators some breathing room to find a solution that could lead to fresh votes in the House and the Senate by the end of the week.
“The conversation can go on,” said Barney Frank, chairman of the House financial services committee. “We’re ready. I still believe it is important for the country to come up with a piece of legislation that will alleviate this credit crisis.”
The best hope for supporters of the bail-out on Capitol Hill and the Bush administration for the time being appeared to be that rank-and-file House Republicans, who overwhelmingly voted against the bill, might repent after watching its defeat play out across the US financial system.
“This issue is honest, the markets showed that today,” said Judd Gregg, the lead negotiator for Senate Republicans, referring to the 778-point tumble in the Dow Jones Industrial Average yesterday. Business lobbying groups yesterday also stepped up their pressure on recalcitrant lawmakers.
“When the aftermath of Congressional inaction becomes clear, Americans will not tolerate those who stood by and let the calamity happen,” said Bruce Josten of the US Chamber of Commerce.
Read it here: Promise of talks to find a way out