Pelosi says bailout plan has to pass (Reuters)

Reuters – House Speaker Nancy Pelosi said on Friday a plan to rescue U.S. financial institutions “has to happen,” but final agreement is up to conservative Republicans who revolted against the plan being negotiated between Congress and the Treasury Department.

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First McCain-Obama debate remains doubtful (AP)

AP – The first presidential debate between Republican John McCain and Democrat Barack Obama remained in doubt Friday, the very day it was to be held, embroiled in the same partisan divisions that were holding up a Wall Street bailout plan.
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A bad day for the GOP on politics, bailout plan (AP)

AP – Even for a party whose president suffers dismal approval ratings, whose legislative wing lost control of Congress and whose presidential nominee trails in the polls, it was a remarkably bad day for Republicans. Read more…

Lawmakers to tackle bailout plan again Friday (Reuters)

Reuters – Congressional leaders will try again on Friday to save a $700 billion Wall Street rescue plan after talks broke down in acrimony against the backdrop of the nation’s biggest-ever bank failure.

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US Government takes over mortgage giants

AP – The Bush administration’s seizure of troubled mortgage giants Fannie Mae and Freddie Mac is potentially a $200 billion bet that it will help reverse a prolonged housing and credit crisis. Read more…

China and Japan hail U.S. mortgage rescue as doubts linger

Reuters – China and Japan, the biggest buyers of Freddie Mac and Fannie Mae bonds, praised Washington for its rescue of the ailing mortgage giants, but investors had no illusions the bailout would end the global credit market misery.
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Convention off to rocky start amid hurricane

AP – Republicans set aside the agenda to focus on hurricane relief in the opening hours of their national convention, only to see the scaled-back program for Day One overshadowed by jarring disclosures about the family and work life of John McCain’s running mate, Sarah Palin. Read more…

Gustav shields McCain from Democrat barbs

Reuters – Not only is Gustav slowing Republican presidential hopeful John McCain’s big convention party, it also is sparing him from Democratic criticism that his election would amount to a third Bush term.

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Obama may announce running mate later today

AP – Presidential candidate Barack Obama said Friday the running mate he has chosen — but has not yet announced — had to meet three standards to join the Democratic ticket: Prepared to be president, able to help him govern and willing to challenge his thinking.
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Huge protests expected at political conventions

Reuters – Thousands of protesters are expected to jam the streets of Denver and St. Paul at the Republican and Democratic conventions in a noisy counterpoint to the parties’ carefully scripted speeches.

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