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Monday, 29 September 2008 |
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US Banking Crisis: Midnight Delivers The $700bn Deal: Half Now, Half Later
'The breakthrough on Capitol Hill that delivered a tentative deal on the $700 billion rescue plan for the US economy came just after midnight, following hours of tense negotiations, shouting matches, phone calls to President Bush, and even an emergency delivery of pizza and burgers.
The verbal deal, which was posted online in written form last night and will head to the House of Representatives for a vote as early as today, came after one of the most intense and extraordinary sessions of legislative wrangling in modern times. Hank Paulson, the exhausted US Treasury Secretary, finally persuaded the Republican and Democratic leaderships to agree to a compromise hours before the Asian markets opened.'
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