In what is being described as part of the biggest bailout package in the U.S. since the Great Depression, the White House is asking Congress to allow the government to takeover US$700 billion in bad debts.
If Congress approves the plan, a draft of which was obtained by The Associated Press early Saturday, it would give Washington broad power to buy bad mortgages of any American financial institution in the next two years.
The plan does not specify what the government would get in return for the bailout.
The Bush Administration also wants to raise the legal limit on the national debt from $10.6 trillion to $11.3 trillion to allow for the bailout.
"We're going to work with Congress to get a bill done quickly," U.S. President George Bush said at the White House.
No comments:
Post a Comment