Bush defends bailout

Is plan for Wall Street or Main Street?

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President Bush delivered his first television address in more than a year Wednesday to defend the administration’s plan to borrow up to $700 billion in order to buy troubled assets from banks and financial institutions.

On Wednesday, lawmakers asked Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to justify the administration’s claims that drastic action is urgently needed to unfreeze credit markets.