Paulson, Bernanke urge Congress to approve massive Wall Street bailout

Paulson, Bernanke urge Congress to approve massive Wall Street bailout

WASHINGTON, Sept 23 (KUNA) -- U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke told the U.S. Senate Banking Committee on Tuesday that a quick decision approving a 700-billion-dollar bailout of Wall Street financial firms is essential to stabilize the U.S. economy.

The massive bailout is necessary in order to avoid "a continuing series of financial institution failures and frozen credit markets that threaten American families' financial well-being, the viability of businesses both small and large, and the very health of our economy," Paulson testified.
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