House To Vote On Rescue Package

The News On 6

The House votes on Monday on a new version of a $700 billion rescue package for the financial industry. Lawmakers came to an agreement over the weekend.

Under the compromise plan, the Treasury Department gets $250 billion up front and will have to prove the rest of the money is necessary.

Taxpayers will get a stake in the companies benefiting the bailout, government agencies can re-negotiate better terms for struggling homeowners and company executives won't get any perks or "golden parachutes."

Leaders from both parties emphasized on Sunday they're running out of time.

"Our responsibility, and that's what this legislation is, is to keep a bad situation from getting worse. Every American has an interest in fixing this crisis," said Harry Reid, (D) Senate Majority Leader.

President Bush is pushing for Congress to approve the bill as soon as possible. He issued a statement on Monday morning.

President Bush says the $700 billion measure is needed to keep the crisis in the financial industry from spreading across the economy.

The President also addressed concerns about the cost of the bill. He says he's certain taxpayers will benefit from a number of safeguards lawmakers wrote into the legislation and the money will be paid back.