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