Doubts over the US bail-out package, aimed at helping banks shed bad debt, are emerging with concerns from both Democrat and Republican politicians.
The $700bn (Ј382bn) package, set out last week, is meant to help revive banks and calm investors after a period of unusual market turmoil last week.
Details of the plan, which initially sent shares soaring, remain unclear.
George W Bush said the world was watching to see if "we can act quickly to shore up our markets."
Meetings took plan over the weekend between Federal Reserve head Ben Bernanke, US Treasury Secretary Henry Paulson and members of Congress to IOC reverses suspension of Iraq in Bejing ...
Iran urged to free HIV pioneers ...
Belgian king rejects resignation of PM Leterme ...
US inflation rate at 26-year high ...
Colombia's Uribe calls for vote ... try to seek consensus on the plan.
'Unreasonable' expectation
Democrat Congressman Barney Frank, chairman of the House Financial Services Committee, said Mr Paulson was being "entirely unreasonable" expecting Congress to give the plan the go-ahead quickly.
He added that Democrats would want certain changes, such as guaranteeing that the pay for bosses of the firms being bailed out was limited.
"The private sector got us into this mess," said Mr Frank.
"The government has to get us out of it. We do want to do it carefully."
Republican Congressman Christopher Shays said members needed sufficient time to debate the issue.
Changing landscape
The Group of Seven (G7) most wealthy nations said it welcomed the US move and reaffirmed its strong commitment to "protect the integrity of the international financial system".
"We pledge to enhance international cooperation to address ongoing challenges in the global economy and world markets," said the G7.
It added it would do whatever was necessary to ensure stability in the international financial system.
The financial sector has seen huge upheaval in recent days, with Lehman Brothers folding and Merrill Lynch being bought by Bank of America.
Morgan Stanley and Goldman Sachs - for decades independent investment banking firms - requested to change their status that will see them regulated by the Fed.
The move, which means they will expand into the commercial banking sector, arguably marks an end of an era on Wall Street.
(BBC)
<< Back