Where Does The Bailout Stand Now?
Charlie Gasparino
The stakes are high as Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke head to Capitol Hill Tuesday.
At the moment, many members of Congress are saying that Paulson is losing the rhetoric war, according to sources in Washington.
Today's testimony will go a long way in determining whether Paulson will be successful in winning support for his proposed $700-billion financial system bailout plan.
Paulson must convince Congress that the plan is not a Wall Street bailout, but a Main Street bailout, which is needed in order to ensure the health of the U.S. economy.
Behind the scenes, there is real progress being made on the details of Paulson's plan. Elements of the plan such as what to do on foreign-ownership options, on government options, and on government ownership of companies that are bailed out, are being refined.
