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Congress Plans for Next Step in Bailout Negotiations

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Members of the U.S. House of Representatives are expected back in Washington Thursday to consider a new financial bailout bill. That comes after the House rejected a plan embraced by Democratic leaders and the president.

Several Chicago-area representatives voted against the proposed bailout yesterday. Many of them, including Congressman Jesse Jackson, Junior, say it gave the Treasury secretary too much power.

The Democrat from Chicago’s South Side supported a measure that would allow bankruptcy judges to restructure mortgages for struggling homeowners. But that provision didn’t make it into the final bill. In a written statement, Jackson says any new bailout plan should also include an economic stimulus package.

In all, nine Illinois representatives voted for the bill, nine opposed it, and retiring Congressman Jerry Weller did not vote.

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