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Bush Urges Congress to Pass US$700bil. Bailout Plan

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2008-09-21

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The US government plans to inject 700 billion US dollars over the next two years to put the debt-riddled financial market back on track.
President George W. Bush pledged to work with Congress to swiftly pass the emergency aid package which is said to be the largest financial bailout since the Great Depression during the 1930s.
[Interview : George W. Bush‚ US President] "My first instinct was to let the market work‚ but I realized‚ upon being briefed by the experts‚ of how significant this problem became. And so I decided to act‚ and act boldly."
The plan would allow the US Treasury to buy up mortgage-related assets at a discount from domestic financial institutions and later sell them for profit.
The rescue bill would also allow the US government to raise the national debt ceiling to 11.3 trillion dollars from the current 10.6 trillion to make the bailout possible.
The plan however‚ does not specify what the government will get in return for its unprecedented assistance.
The fallout from the subprime mortgage crisis has prompted major investment banks‚ including Lehman Brothers‚ American International Group and Merill Lynch to buckle under.
President Bush's "bold action" comes after he indicated last week that the government would not intervene any further to save ailing private financial companies.
[Interview : George W. Bush‚ US President] "But right now‚ the government needed to send a clear signal that we understood the instability could ripple throughout and affect the working people and average family and we weren't going to let that happen."
Last week‚ the head of the US Federal Reserve said putting taxpayers at risk to help financial companies was never an option but when endorsed by Congress Bush's proposal is expected to put huge tax dollars at the government's disposal.
Nam Kiyung‚ Arirang News.
Reporter : kaynam@arirang.co.kr

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