US politicians fail to agree on $700bn bailout
Friday September 26 2008
US politicians are set to resume talks at the White House today in an effort to reach agreement on a proposed $700bn taxpayer bailout for ailing financial firms.
George W Bush invited leading lawmakers, including the two presidential candidates, to talks on the proposed package last night.
However, the negotiations broke up without agreement at 10pm local time.
Republicans involved in the talks apparently complained that the plan would be too costly for taxpayers and would be an unacceptable government intrusion into the private market.
This stance comes despite President Bush's warning that failure to approve the bailout could lead to millions of job losses and a painful economic recession.
