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Hundreds of billions needed for financial crisis bailout

September 19th, 2008 12:00 am by Associated Press

Hundreds of billions needed for financial crisis bailout

reasury Secretary Henry Paulson on Friday sketched the outlines of a bold approach to confront the nation\'s financial crisis. \"We\'re talking hundreds of billions\" of dollars, he said.

Paulson said he would work through the weekend with congressional leaders to reach agreement on a plan that would address the root problems of the financial crisis gripping the country.

\"This needs to be big enough to make a real difference and get to the heart of the problem,\" he told reporters at the Treasury Department.

Paulson said that the new troubled-asset relief program that he wants Congress to enact must be large enough to have the necessary effect while protecting taxpayers as much as possible.

\"I am convinced that this bold approach will cost American families far less than the alternative — a continuing series of financial institution failures and frozen credit markets unable to fund economic expansion,\" Paulson said.

\"The financial security of all Americans ... depends on our ability to restore our financial institutions to a sound footing,\" Paulson said.

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