Paulson: Congress Needs to Release Second $350B
Paulson: Congress Needs to Release Second $350B
WASHINGTON — Treasury Secretary Henry Paulson says Congress will need to release the last half of the $700 billion rescue fund because the first $350 billion has been committed.
Paulson says the use of the rescue fund to provide loans to the auto industry along with a string of other rescue efforts means that the administration has now basically allocated the first half of the largest government bailout program in history.
He says he is confident that the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. have the resources to address a significant market event if one should occur before Congress approves the use of the second half of the rescue fund.
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