9.23.2008

Taxpayers, Congress push back against bailout

Washington, DC - Push back against the massive $700 billion Wall Street bailout proposal has come hard and fast from members of Congress on both sides of the aisle.

The bailout plan proposed by the Bush administration would give the Treasury Department and Treasury Secretary Henry Paulson - a former Wall Street CEO himself - the power to buy up extremely risky mortgages and other dangerous debt using taxpayer dollars. Because the US government continues to run a deficit, under the plan, the Treasury would have to borrow money to buy this private sector debt - essentially using the taxpayer's credit card to buy home loans that are currently weighing down Wall Street firms.

Read full story