Watch CBSN Live

Reid: We Will Not 'rubber Stamp' Bailout Bill

Senate Majority Leader Harry Reid issued a warning to the White House Monday, saying Congress will not “rubber stamp” a proposed $700 billion bailout proposal because of pressure from the administration.

“We are prepared to do what is necessary to avoid [an economic crisis] — but we will not let haste abandon good judgment in the process,” Reid said in a statement. “The Bush administration has called on Congress to rubber stamp its bailout legislation without serious debate or efforts to improve it. That will not happen.

“The legislation sent to Congress by the Treasury Department recognizes the scope of the crisis the Bush administration created, a view that we share with [Treasury] Secretary [Henry] Paulson. But the Bush administration’s bill is a starting point; by no means the final product.

After the jump, Reid outlines the Democrats’ wish list for the bill.
Continue reading post...

View CBS News In
CBS News App Open
Chrome Safari Continue