The high-level meeting of the probables for the post of US President with George Bush failed to reach a compromise on the USD 700-billion bailout package with Republicans denouncing the strategy as ill-conceived and Democrats accusing the other party of non-cooperation.
"In a roller-coaster day of hopes raised and hopes dashed, efforts to negotiate a compromise on the USD 700-billion plan for rescuing the nation's financial system got bogged down on Thursday," reported Los Angeles Times.
According to media reports, it was unclear whether the breakdown marked the beginning of the end for the rescue effort, or merely a tumultuous interlude on the way to approving a federal bailout that many in Congress consider unpalatable but unavoidable.
The meeting was called by President Bush to discuss the plan to bailout financial system with Democrat Presidential candidate Barack Obama and his Republican counterpart John McCain.
The report further stated that there were signs that, behind the scenes, sceptical Democrats and Republicans were beginning to move toward a compromise version of Treasury Secretary Henry M Paulson's original plan, but it remained to be seen whether there would be enough votes to pass legislation.
The report quoted Republican John Campbell as saying, "I'm seeing both Republicans and Democrats start to move toward voting for it. I can't tell you that there's a majority at this point, but there's movement."
