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Bush Asks Congress for $700 Billion-dollar Wall Street Bailout
By EmploymentCrossing
President George W. Bush has asked Congress for the authority to spend as much as $700 billion to purchase troubled mortgage assets in the hope of containing the current global financial crisis.
“It is a big package because it’s a big problem,” Bush told reporters at a news conference. “The risk of doing nothing far outweighs the risk of the package.”
Treasury Secretary Henry Paulson, lawmakers, and their aides are expected to work through the weekend in an effort to craft a bill swiftly. Democratic leaders on Capitol Hill said they expect the bill to go before a vote within days.
Some commentators are worried that such a sweeping piece of legislation, that could fundamentally change how the American economy works, may be passed without full debate and consideration.
But Paulson and other officials believe that the lack of easy credit between banks and other financial institutions threatens to inflict serious damage on the economy if not addressed immediately.
“This program is intended to fundamentally and comprehensively address the root cause of our financial system’s stresses,” according to a statement released by the Treasury.
The plan is for the government to buy the securities at a discount, hold on to them, and then sell them for a profit.
The administration’s proposal also requests that Congress authorize an increase to the nation’s debt ceiling. Currently set for $10.6 trillion in 2009, the proposal requests the limit be increased to $11.3 trillion to allow for the purchases of mortgage-backed assets.
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