8 of 33
Saturday, Sept. 20 - The plan
Saturday, Sept. 20 - The plan
The president, speaking in the Rose Garden, outlines plans for a massive package aimed at stemming the financial bloodletting.
Congress got the proposed legislation in the overnight hours. The bottom line: The administration was asking for $700 billion to buy troubled mortgage assets and get the financial system flowing again.

"It is a big package because it's a big problem," President Bush told reporters at a morning news conference. "The risk of doing nothing far outweighs the risk of the package."

The Democrats who run Congress initially indicated they were receptive to the Treasury proposal. But as the day wore on, there was a theme sounded by the leadership.

Democrats will seek to "insulate Main Street from Wall Street and keep people in their homes by reducing mortgage foreclosures," said House Speaker Nancy Pelosi, D-Calif., indicating her party would seek other actions aimed at benefiting taxpayers.

NEXT: Sunday, Sept. 21 - The end of an era
Last updated September 14 2009: 2:19 PM ET
Email | Print | Share  |  RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
17 cool gadgets that tease the future Smart telescopes, surveillance for dogs, an electric roadster and more from CES 2018. More
These 12 airplane beds let you really sleep on a flight For the price of a premium class ticket, you may just get a space that's comfortable, private, and quiet enough to ensure a good rest. More
CES 2018 kicks off with oddball gadgets The biggest tech show of the year opened with a collection of quirky gadgets. More

Special Offer