Alternative plan derails bailout

Republicans propose insurance scheme

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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.