Treasury to pour up to $250 billion directly into U.S. banking sector
WASHINGTON - The United States will pump $250 billion into its banks following similar measures in Europe, President Bush announced at a press conference Tuesday morning.
In the latest of a series of statements on the troubled economy, Bush said that and other steps will help restore confidence and “return our economy to the path of growth and prosperity.”
Bush made his statement in the Rose Garden of the White House after an early morning meeting with his economic advisers.
In the new plan, the Bush administration plans to spend as much as $250 billion of the $700 billion bailout buying stock in private banks, greatly expanding protections for the U.S. financial system out of deep concern for the faltering economy....