President Bush is reportedly personally lobbying Republicans who have staged a revolt against the administration’s plan to borrow $700 billion to buy up toxic assets from banks and financial institutions, and said publicly today that "we got a big problem" that requires prompt action by Congress.

House Republican leader Rep. John Boehner of Ohio is demanding "serious consideration" of an alternative plan in the which banks and other investors holding frozen mortgage assets would pay the Treasury Department to insure them.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top