The chairman of the US central bank, the Federal Reserve has appeared at a congressional hearing for a second day to defend a proposed bailout of the financial markets.
Ben Bernanke said that the US economy could face serious consequences if members of congress failed to approve the 700-billion dollar plan to buy bad debt from private financial institutions. On Tuesday, the chairman of the Senate Banking Committee, Democratic Senator Christopher Dodd, rejected the proposal as unacceptable. The Republican presidential candidate, John McCain has said that he would return to Washington from the campaign trail to US air strike kills eight family members in Iraq ...
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US inflation rate at 26-year high ... help negotiate a compromise. Meanwhile, a White House spokesman has announced that President George W. Bush will make a nationally televised speech in a few hours' time to push for the congressional approval of the buyout.
(Deutsche Welle)
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