Dodd, Gregg Optimistic on Passage

Posted September 28, 2008 at 12:07pm

Senate Banking, Housing and Urban Affairs Chairman Chris Dodd (D-Conn.) and Budget ranking member Judd Gregg (R-N.H.) on Sunday said they expect a massive $700 billion economic recovery plan to secure enough buy-in from House and Senate lawmakers to make it to President Bush’s desk.

Speaking on CNN’s “Late Edition,” the two lawmakers provided few new details of the plan but did say they feel they have struck a balance between helping the financial sector and protecting tax payers. Gregg said he was hopeful House Republicans would ultimately agree to back the plan.

Gregg noted that House Minority Whip Roy Blunt (R-Mo.) was “a very effective advocate” for the House GOP during the talks, but that “I know he agrees” the federal government must step in to address the economic crisis.

House and Senate staff were continuing to draft legislative language for the bailout, and text of the final agreement is expected to be posted online sometime Sunday in order to give lawmakers and the public time to review its details.

Senate Majority Leader Harry Reid (D-Nev.) was expected to hold a press conference to discuss the deal on Sunday afternoon.