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U.S. House Republicans may not back bailout plan

Fri Sep 26, 2008 1:10pm EDT

WASHINGTON, Sept 26 (Reuters) - U.S. House Minority Leader John Boehner warned on Friday a large majority of his fellow Republicans may not vote for a $700 billion Wall Street bailout package unless their alternative is given serious consideration.

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Boehner wrote a letter to House of Representatives Speaker Nancy Pelosi saying the alternative, which proposes tax cuts and an insurance program for mortgage-backed securities to help free up frozen capital, needed to be given "serious consideration" by congressional negotiators.

Negotiators had been close to reaching an agreement with U.S. Treasury Secretary Henry Paulson on Thursday, but negotiations faltered in the face of strong opposition from House Republicans who offered their own proposal.

"If such consideration is not given, a large majority of Republicans cannot -- and will not -- support Secretary Paulson's plan," Boehner wrote. "I hope it does not come to that conclusion."

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