Reid expects little out of bailout talks

By Lisa Mascaro

Thursday, Sept. 25, 2008 | 4:38 p.m.

WASHINGTON -- When asked what he expected to happen at this afternoon’s highly unusual meeting of presidential candidates, congressional leaders and President Bush on the $700 billion bailout, Senate Majority Leader Harry Reid had a one word answer: Nothing.

But apparently sources are reporting the deal that congressional leaders had essentially struck after a nearly all-night negotiating session that stretched into today was falling apart at the contentious meeting.

An update is expected in a matter of minutes.

The majority leader faces a quandary as large swaths of Republicans – including Nevada’s lawmakers – have yet to agree to come on board. That leaves Reid trying to build a coalition to support, in record speed, a Bush administration proposal that Democrats have agreed needs to be passed – so long as there are concessions for Main Street.

To further prop up Main Street, Reid unveiled a $56 billion bill this afternoon to stimulate the economy by getting cash in the hands of middle America. The bill includes an extension of unemployment benefits, an increase in food stamps, home heating assistance and a jobs program by getting money to the states to build roads and renewable energy projects.