President Bush, Congress Continue Developing Wall Street Rescue Plan

The President and Congress work through the weekend to hammer out a Wall Street rescue plan.

The Bush Administration wants lawmakers to let the government buy 700 million dollars in bad mortgages from U.S. financial institutions for the next two years.

On Saturday, the president defended the package, saying the risk of doing nothing far outweighs the risk of his plan.

He says the stress on the markets could lead to job loss, devastate retirement accounts, further erode housing values and dry up new loans for homes to college tuitions.

The plan would raise the statutory limit on the national debt from about 10 trillion dollars to just over 11 trillion.


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