Congress yesterday reached a landmark agreement that will release US$700 billion ($843.35 billion) to bail out Wall Street financial institutions threatened with collapse.
A statement issued yesterday confirmed that Congress and the Bush administration reached an agreement on economic rescue legislation that is “urgently needed to address a crisis in our financial system that threatens the entire U.S. economy”.
According to a summary of the draft plan released by House Speaker Nancy Pelosi, $US350 billion ($419.76 billion) will initially be released with future payments made on Congressional approval.
The bailout will allow the government to buy up troubled assets from pension plans, local governments and small banks serving low-income families, according to Ms Pelosi's office.
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