President Bush says the White House is ready to work with Congress to quickly enact legislation to allow the government to purchase hundreds of billions of dollars worth of bad debt and bail out a troubled financial system that's on the brink of sinking and taking the U.S. economy down with it.
Congressional aides and administration officials were working through the weekend to fill in the details of the proposal. Treasury Secretary Henry Paulson was scheduled to appear on the Sunday talk shows to begin selling the $700 billion rescue, the largest since the Great Depression, to lawmakers and the American people.
The Bush proposal that would dole out huge sums of money to Wall Street firms and bankers is a mere three pages in length and fails to specify which institutions would qualify or say what -- if anything -- taxpayers would get in return.
sos yahoo finance
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