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