Speaker of the House Nancy Pelosi (D-Calif.) announced that she is not buying into the proposed $700 billion rescue package. She said that the Secretary of the Treasury Henry Paulson’s proposal is giving away “very expensive powers” without oversight.
“Nothing personal Mr. Paulson, we don’t want any secretary of the Treasury having that much power,” Pelosi said.
According to the speaker, progress is being made on the bailout issue currently debated in Congress, saying there is need for a strong oversight for the situation not to repeat itself again and the bill will need serious revision before complete. Pelosi said that the market should not be stabilized with taxpayers money. “There had to be a clear message to the markets that Congress would act, and we would act responsibly,” she said.
Pelosi said that protecting the taxpayer and stabilizing the markets are the goals of any legislation, “We will have a package that will speak to the issue in a substantial way, and the markets of our seriousness” Pelosi said.
Pelosi admited she is not certain if the current situation will have changed after today’s White House meeting, saying a lot of decisions is still to be made before the markets reopens on Monday.

Senate Majority Leader Harry Reid (D-Nev.) said he did not except much out of the White House meeting today on the bailout discussing during a Senate Leadership pen and pad session at the Capitol. Instead He focused on the difficulties finding a proper solution of the ongoing bailout battle. “Im not picking a fight, I just want to see a way out of this,” Reid said.
Reid highlighted the importance of recognizing that the markets need help in the current economic crisis, without leaving American taxpayers suffering. Reid assured that Congress is working to come up with an economic recovery plan solving the situation on Wall Street. Washington State Senator Patty Murray agreed with the Majority Leader stating that the golden parachute deals existing on Wall Street cannot continue.
Reid said that all aspects in the potential recovery package need consideration. He also brought up the absence of Sen. John McCain, saying that his return is not beneficial to the situation with Americans waiting for answer to the financial dilemma. “We’re willing to negotiate on this,” Reid said.

Chief United Nations Correspondent Dan Patterson will be covering the General Assembly.
The Washington Bureau will be covering the Senate Armed Services Committee hearing on the authorization of Survival Evasion Resistance and Escape techniques for interrogations in Iraq. The Washington Bureau will also be covering the Senate Homeland Security and Governmental Affairs Committee hearing on Preventing Nuclear Terrorism.
In the afternoon, the Washington Bureau will be covering the House Financial Services Committee hearing on Oversight to Examine Recent Treasury and FHFA Actions. The Washington Bureau will also be covering a press conference held by Speaker Nancy Pelosi. The Bureau will also be covering a pen and pad briefing with the Senate Leadership. The Washington Bureau will also be covering the Senate Foreign Relations Committee hearing on the Middle East Peace Process.

Mark Spitz, 7-time Olympic gold medalist in swimming, speaks with Ellen Ratner about his high cholesterol and management of high cholesterol, with or without health insurance. He also discusses his first job and how he became successful. (7:01)

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“All of us should be angry,” said Treasury Secretary Henry Paulson at a hearing before the House Financial Services Committee. He said that the keys to this “disaster” were housing prices and borrowed money. He said that both corporations and homebuyers are guilty of bad financial maneuvers that allowed for this bailout to be needed.
Federal Reserve Chairman Ben Bernanke said that if we do not bail out these companies quickly, we would see increasing unemployment, higher numbers of foreclosures, and fewer available jobs. Referring to the cost of the bailout, Bernanke said that this bailout would cost “much less than 700 billion dollars,” and he said that the cost to the taxpayers is smaller now than it could be later if the bailout is not done now.
Rep. Chris Ackerman (D-N.Y.) echoed the sentiments of many congressmen saying “I don’t see [in Treasury Secretary Henry Paulson's proposal] any protection to stop us from having this problem again.” Rep. Luis Gutierrez (D-Ill.) said he did not feel comfortable paying for this plan with taxpayer money while high ranking officials of these bankrupt institutions were “lining their pockets” along with their companies.

Dennis Kucinich (D-Ohio) talks about the importance of preserving voting rights and how that can lead to a better America. (0:21)

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House Majority Whip Jim Clyburn (D-S.C.) discusses how this election is the most important since the Lincoln-Douglass election in terms of our relationship with the world. (0:33)

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“In 2004, 20.1 million 18 to 29 year olds voted, a 4.3 million increase over 2000. The additional turnout among the youngest voters was more than double that of any other age group,” said House Majority Leader Steny Hoyer (D-MD )during a press conference with the Student Association for Vote Empowerment (SAVE) and other members of Congress for student voting rights.
“If we can participate with that same dedication this year, the youth vote will effectively change the direction this country is headed.”
There have been concerns that there are too many barriers preventing students from voting. Several states require voters to apply in person for absentee ballots, a requirement that is difficult for students who live away from home. Other states have limited access to absentee ballots to only those who are ill, pregnant, or otherwise unable to reach polling stations.
Rep. Dennis Kucinich (D-Ohio) discussed his attempts to preserve voting rights in 2004.
“Four years ago I stood with my sister Stephanie Tubbs Jones in challenging the election at the electoral college because of voter suppression tactics that took place in Ohio,which included trying to suppress the rights of students to vote.”
Kucinich went on to explain that politicians had an obligation as well.
“It’s our responsibility to give young people something vote for. So we want to make sure that you know you have a chance to vote for peace, a chance to vote for a cleaner environment, for jobs, for educational opportunities.”
House Majority Whip Jim Clyburn (D-S.C.) discussed the importance of the upcoming election, comparing it to the Lincoln-Douglass election.
“This to me…is probably as important as the presidential election of 1860. It will have that kind of an impact on this country and this country’s relationships around the world.”

Pentagon spokesman Geoff Morrell explains that the Defense Department budget is usually unaffected by fluctuations of the market as Congress has always supported the Department in passing their budget. (0:41)

Pentagon press secretary Geoff Morrell says that the U.S. military in Afghanistan is seeking more leverage to go after “kingpins” and “large labs” that use Afghanistan’s huge poppy crop to make heroine. (0:50)

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