reportonbusiness.com: notSet

Posted AT 9:27 PM EST on 20/09/08

White House hopes for bailout deal by Monday

JULIE HIRSCHFELD DAVIS AND DEB RIECHMANN

Associated Press

WASHINGTON — The Bush administration asked Congress on Saturday for the power to buy $700-billion (U.S.) in toxic assets clogging the financial system and threatening the economy as negotiations began on the largest bailout since the Great Depression. The rescue plan would give Washington broad authority to purchase bad mortgage-related assets from U.S. financial institutions for the next two years.

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