BAILOUT DEAL: HAVE WE BEEN SAVED? * * UPDATED 2:17 PM * *

Newt Gingrich calls for the resignation of Henry Paulson..

Republicans in the House have expressed ongoing concerns over the bailout package -- there is now a chance that the bailout bill may not pass in bi-partisan fashion.. Nancy Pelosi may have to push the bill through with Democrats leading the way, something that she didn't want to do..

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In the early morning hours, Congress and Treasury Secretary Paulson heroically walked to the press and announced that there has been a constructive and tentative agreement made that all can swallow and the White House could like. Aides stayed up all night writing up the plans, printing the plans, and getting the copies ready for consumption by lawmakers and media.. The breakthrough bailout bill will reportedly do a few things: Treasury will be permitted to purchase $700 billion in bad debt.. the bill will include pay limits for executives.. And Congress will make efforts to prevent home foreclosures. According to the New York TIMES this morning, "In some cases, the government would receive an equity stake in companies that seek aid, allowing taxpayers to profit should the rescue plan work and the private firms flourish in the months and years ahead." Nancy Pelosi is being credited with last minute talks that led to the breakthrough between House Republicans that didn't want this bill and everyone else that did. Though there is a bailout today: The GUARDIAN is still loving the moment of the "shattering" of the American economy. The plan still has to be voted on by Congress, though it appears through the leaders' words that passage is presumable. But when it does pass, the next obvious act will be to watch the results. Will the markets stabilize or will they continue to fall apart? Will more banks fail? Will more people be able to pay mortgages, or just the opposite? The risky gamble of $700 billion seems to be upon us. And if Congress votes yes (which it looks like they very well may) the results on the economy will be closely watched..

Labels: Breaking news, Economy, Money, mortgage, recession