President Bush is asking Congress for quick action on the largest government bailout since the Great Depression. Congress is working throught the weekend to hammer out the 700 billion-dollar proposal that would rescue some of the nation's biggest banks.
President Bush wants Congress to write a 700 BILLION dollar check to dig the country out of an economic ditch.
President Bush says, "This is a big package because it was a big problem."
The proposal would give the federal government authority to buy up bad mortgage debt that's thrown the banking industry into turmoil.
The President decided to move fast after top economic advisers warned him that financial troubles on Wall Street could soon trickle down to everyday people on Main Street.
"WE'RE GOING TO WORK WITH CONGRESS TO GET A BILL DONE QUICKLY," said Bush.
Congress is meeting through the weekend to hammer out the deal and despite the enormous price tag some leaders feel it's a good start.
Sen. Chuck Schumer of New York says, "The package that Secretary Paulson presented is a good foudation that can stabilize our markets quickly."
Still, lawmakers insist the package is missing details to help struggling Americans.
In order to make room for the plan's massive price tag , the plan would raise the national debt limit up to 11.3 trillion
Administration officials are hoping the rescue plan will be finalized by this weekend in order to pave way for a calmer market opening Monday and prevent another roller-coaster week on wall street.
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