Bush wants OK to spend $700B
Bailout proposal sent to Congress seeks authorization to spend as much as $700 billion to buy troubled mortgage-related assets.
Quote:
NEW YORK (CNNMoney.com) -- President Bush has asked Congress for the authority to spend as much as $700 billion to purchase troubled mortgage assets and contain the financial crisis.
The legislative proposal - the centerpiece of the most sweeping economic intervention by the government since the Great Depression - was sent by the White House overnight to lawmakers.
President Bush said Saturday that the plan matches the scope of the problem.
"It is a big package because it's a big problem," he told reporters at a joint news conference with Alvaro Uribe, the president of Colombia.
"The risk of doing nothing far outweighs the risk of the package," Bush said.
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Good thing the stock market isn't open today (although I realize that was likely intentional) because I don't think things would be pretty.