Bush administration asks congress for 700 billion dollars
Saturday September 20 2008
In the US, the Bush administration is asking Congress to let the government buy 700 billion dollars in bad mortgages as part of the largest financial bailout in decades.
The plan would give the government broad power to buy the bad debt of any US financial institutions for the next two years.
A draft of the proposal does not specify what the government would get in return from financial companies for the federal help.
President George Bush says he decided to act boldly after realising how severe the financial problems were, and added that the administration would work with Congress to pass a financial bailout bill quickly.
