May 2, 2008
Bush Administration Looks to Congress to Proceed in Lender Bailout
The Bush administration has called off internal deliberations over a bailout plan for student-loan companies after concluding it did not have the authority to act on its own. Instead it endorsed a Congressional proposal that would allow the education secretary to purchase loans from private lenders.
Education Secretary Margaret Spellings, after weeks of discussions within the administration, joined her colleagues at the White House and Treasury Department in telling Congress that they
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