President Bush makes the case for the bailout package submitted by his administration. He also calls for bipartisan action, inviting Senators McCain and Obama as well as other Congressional leaders to the White House. His legislation is stalled, and every day that goes by makes it less likely that he will get a “clean” bill through Congress. House Republicans are balking at the package, and it is very unlikely that Democratic majorities will pass this without extensive Republican support. Dick Cheney visited House Republicans yesterday but apparently made little headway. We will likely not see action until next week at the earliest, if then.

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