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Bush Admin Faces Congressional Skeptics on $700B Wall St. Bailout

Bush Admin Faces Congressional Skeptics on $700B Wall St. Bailout

Both Democratic and Republican members of the Senate Banking Committee lambasted the Bush administration’s proposed $700 billion bailout plan Tuesday. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke repeatedly clashed with almost every senator on the committee, all of whom focused on Wall Street’s culpability for the crisis. Many also brought up executive pay and emphasized the need for oversight of the Treasury. [includes rush transcript]

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