www.EmploymentCrossing.com <br /><br />President George W. Bush has asked Congress for the authority to spend as much as $700 billion dollars to purchase troubled mortgage assets in the hope of containing the current global financial crisis. <br />"It is a big package because it's a big problem," Bush told reporters at a news conference. "The risk of doing nothing far outweighs the risk of the package." <br />Treasury Secretary Henry Paulson, lawmakers and their aides are expected to work through the weekend in an effort to craft a bill swiftly. Democratic leaders on Capitol Hill said they expect the bill to go before a vote within days. <br />Some commentators are worried that such a sweeping piece of legislation, that could fundamentally change how the American economy works, may be passed without full debate and consideration. <br />But Paulson and other officials believe that the lack of easy credit between banks and other financial institutions threatens to inflict serious damage on the economy if not addressed immediately. <br />"This program is intended to fundamentally and comprehensively address the root cause of our financial system's stresses," according to a statement released by the Treasury. <br />The plan is for the government to buy the securities at a discount, hold onto them and then sell them for a profit. <br />The administration's proposal also requests that Congress authorize an increase to the nation's debt ceiling. Currently set for $10.6 trillion in 2009, the proposal requests the limit be increased to $11.3 trillion to allow for the purchases of mortgage-backed assets.
