US rescue bill meets opposition in Congress
WASHINGTON, DC - Democrats have voiced concern that the $700 billion rescue deal thrashed out by the US Treasury in the week after the collapse of Lehman Brothers gives too much power to Treasury, and are calling for greater legislative oversight of the department. Treasury secretary Henry Paulson had submitted legislation to Congress requesting authority to purchase illiquid mortgage-related assets from firms to promote market stability. The deal would give Treasury the authority to issue up to
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