Reid: Congress Won't Rubber Stamp Bailout Plan

The White House is pressuring Congress to pass a $700 billion rescue package for the financial sector. Senate Majority Leader Harry Reid said the Bush administration's proposal is a starting point but by no means is the final product. Democratic lawmakers say they want to include more oversight, bankruptcy changes and executive pay caps.

Correction Oct. 9, 2008

In some versions of this story, we mistakenly identified Richard Shelby as the top Republican on the Senate Finance Committee. He is actually the ranking member on the Senate Banking Committee.

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