US Treasury Secretary Henry Paulson has called on Congress to move quickly to pass a landmark bailout package aimed at stemming the country's financial crisis.
The US government is seeking the authority to issue up to 700 billion dollars in Treasury securities to purchase troubled mortgage-backed assets. Paulson told US media that the bailout plan sent to Congress on Friday would also cover non-US institutions with operations in the United States. He added that he would press colleagues around the world to adopt similar programmes for their banks and institutions. US financial authorities have been working closely with their counterparts in Europe and Japan over the past 10 days to prevent a collapse of the interwoven global financial system.
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