Bush urges quick action on bailout - WTVM.com-Columbus, GA News Weather & Sports

Bush urges quick action on bailout

 

WASHINGTON- President Bush is pushing Congress for speedy

passage of a financial industry bailout.

The plan would give the Treasury broad authority to buy up to

700 billion dollars in bad debt -- a massive intervention the

president hopes lawmakers can approve this week.

Democrats also see the need to move quickly but say the deal

should include more protections for homeowners and taxpayers and if

it takes a few extra days to negotiate, so be it.

They also want more oversight of which bad loans get bought up,

and limits on executive payouts.

The president heads to New York today for the annual U.N.

General Assembly session, but aides say he'll be getting regular

updates on the financial rescue between meetings with world

leaders.

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