The U.S. President Bush says the White House is ready to work with Congress as soon as possible to enact legislation to allow the government to buy hundreds of billions of dollars worth of toxic assets and rescue a damaged financial system that is on the brink of sinking and taking the U.S. economy seriously collapse.
Congressional aides and administration officials were working through the weekend to fill in the details of the proposal. Henry Paulson, Treasury Secretary, was scheduled to appear on the Sunday talk shows to begin selling the $700 billion bail out, the largest since the Great Depression, to lawmakers and the American people.
The Bush team rescue plan that would dole out huge sums of money to Wall Street companies and bankers is a mere three pages in length and fails to specify which institutions would qualify.
Democrats, who say they will work with the administration to pass a plan, are demanding it include relief for homeowners struggling with mounting debt, not only for Wall Street.
The rescue plan would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the gigantic bail out.
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