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Time- A Face-saving Dubai Deal in the Works?
Saturday February 25, 2006From Time:
A Face-saving
GOP officials are apparently mulling over a deal that would allow for a new review of the Dubai Ports World contentious acquisition
By TIMOTHY J. BURGER, MIKE ALLEN AND MATTHEW COOPER/WASHINGTON
Moving toward a deal that could allow President Bush and congressional GOP leaders to save face and avert a prolonged confrontation, GOP officials said today that they were discussing the idea of having Dubai Ports World seek a new review of its acquisition of a British company's operation that runs several key
House Homeland Security Committee Chairman Peter King confirmed in a phone interview early Saturday afternoon to TIME that officials were close to a deal involving the Congressional leadership, the White House and the Dubai company. The agreement would call for a 45-day “CFIUS-plus investigation,” King said, referring to the Committee on Foreign Investment in the
Although the Dubai deal had already been approved by CFIUS, "the rationale for reopening it is, once DP carved out the American ports from the rest of the contract it changed the nature of the agreement so it had to be reviewed again," says King, who had been among the leading GOP voices opposing the deal as first approved without the extra 45-day review process or briefing of Congress. King says will await final details before formally backing any such deal. King added "If we are going to hold back on legislation, I think there has to be continuous congressional review throughout the new CFIUS review.”
If approved by all parties, the new deal would allow Bush to avert a GOP-driven bill to overturn the
Under Frist's plan, the company would voluntarily separate