US President pledges to push through legislation for financial stability.
President Bush has said in a statement that his planned $700bn rescue package for Wall Street will be passed despite political squabbles.
The president admitted there were disagreements over the package, but said: “The proposal is big and the reason it’s big is because it’s a big problem.”
He was expected to resume talks with Congress today (Friday) in a bid to reach a political settlement.
Bush’s plan to stop the turmoil that has infected the markets and seen the world’s biggest insurer AIG reach the brink of collapse before being effectively nationalised centres on using government money to buy bad debt from financial institutions. The delay in approving the plan has caused uncertainty in the ailing global markets.
