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Paulson Urges Congress To Quickly Pass $700B Rescue Package

Last Update: 9/23/2008 8:07:27 AM

WASHINGTON (Dow Jones)–U.S. Treasury Secretary Henry Paulson will urge lawmakers
Tuesday to quickly pass the administration’s $700 billion rescue plan for ailing
financial institutions and not let it get bogged down in a debate over
unnecessary additions.

“Over these past days, it has become clear that there is bipartisan consensus for
an urgent legislative solution,” Paulson will say, according to prepared remarks
to be delivered to the Senate Banking Committee. “We need to build upon this
spirit to enact this bill quickly and cleanly, and avoid slowing it down with
other provisions that are unrelated or don’t have broad support.”

With the financial crisis hitting a “new level” and spilling over into the rest
of the economy, the root cause must be addressed by removing the troubled
mortgage-related assets from the system, he will say.

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Technorati Tags: Additions, Assets, Bipartisan Consensus, Broad Support, Congress, Dow Jones, Economy, Financial Crisis, Financial Institutions, Henry Paulson, Lawmakers, Legislative Solution, Provisions, Root Cause, S 700, Senate Banking Committee, Spirit, Treasury Secretary Henry Paulson, U S Treasury