700 billion dollar bailout

Sept. 21 - The US Treasury Secretary Henry Paulson is seeking public approval after plans were put forward to Congress to buy up $700 billion worth of risky loans.

Making the rounds on several television talk shows on Sunday, the U.S. Treasury Secretary used the opportunity to stress the need for swift action in getting plans for a sweeping financial rescue package approved. Henry Paulson said given the severe stress on financial markets Congress needed to act quickly in authorising the expenditure of $700 billion. This would allow the government to buy up bad loans and drive the economy forward.

Liz Kennedy reports.

SOUNDBITE: Henry Paulson, U.S. Treasury Secretary.