A $700 billion Question to Congress

By Abhishek on 11:11 AM

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 US president Mr. Bush sought unchecked power from Congress to buy $700 billion in bad mortgage investments from financial companies in next two year. This bill is bought in congress by Treasury Secretary Henry Paulson who aims to solve the credit problem and believes that it would bring the financial system and the world's largest economy to a standstill. The bill would prevent courts from reviewing actions taken under its authority. By adding this $700 billion on the pipeline it will increase the statutory limit on the national debt from $10.6 trillion to $11.3 trillion. This draft not cleared what Government will get in return of helping mortgage companies in this financial turmoil. Bush Administration & Congress is thinking to get conquest early to make market safe.

Posted by Abhishek ,, 21st Sept ,, 2008 .. @ 11.33AM IST

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