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…

Prospects for nuclear deal uncertain in Congress (AP)

AP – A landmark agreement on civilian nuclear cooperation between India and the U.S. has been a high priority for President Bush and the Indian government, but time is running out as lawmakers wrap up this year’s session to campaign for the November elections.

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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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Stage is set but will U.S. debate go on? (Reuters)

Reuters – The stage is set, but it was unclear on Friday if Republican John McCain would show up to duel Democrat Barack Obama in the first of three debates that could help decide a tight White House race.

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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…

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…

John McCain’s vetter defends Sarah Palin review

AP – Sarah Palin voluntarily told John McCain’s campaign about her pregnant teenage daughter and her husband’s 2-decade-old DUI arrest during questioning as part of the Republican’s vice presidential search.
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Obama introduces running mate Biden

AP – Barack Obama introduced Sen. Joe Biden of Delaware Saturday as a man “ready to step in and be president,” and the newly minted running mate quickly turned his campaign debut into a slashing attack on eight years of Republicans seeking four more years in the White House.
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