There is growing resistance in Washington to a massive plan to solve the financial crisis.
Federal Reserve chairman Ben Bernanke and Treasury Secretary Henry Paulson defended their 700-billion-dollar bail-out plan in front of US lawmakers squabble over $700bn rescue package ...
US Treasury Secretary calls on Congress to pass bailout package swiftly ...
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US central bank in $25bn auction ... Congress. Paulson tried to convince sceptical lawmakers to pass the plan as swiftly as possible. However, the Democrat chairman of the Senate Banking Committee, Senator Christopher Dodd, described the proposal as unacceptable. He added that it would not work and needed to be revised. The plan foresees using 700 billion dollars of taxpayers' money to buy up banks' bad debts. Democrats, who control Congress, and some Republican lawmakers, are seeking more safeguards.
(Deutsche Welle)
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