White House Requests $700B In Bailout Plan Federal government officials are meeting this weekend to hammer out a plan to rebuild the crumbling financial situation on Wall Street. The first price tag — $700 billion.
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White House Requests $700B In Bailout Plan

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White House Requests $700B In Bailout Plan

White House Requests $700B In Bailout Plan

White House Requests $700B In Bailout Plan

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  • <iframe src="https://www.npr.org/player/embed/94855166/94855157" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
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Lawmakers said they would act quickly on a $700 billion proposal from the Bush administration to rescue U.S. financial institutions. The Treasury Department sent a three-page proposal to Congress, asking for permission to set up a new unit to buy hundreds of billions of dollars of distressed mortgages from U.S. institutions over the next two years.

The department also asked Congress to raise the national debt ceiling to $11.3 trillion from $10.6 trillion to cover the plan.