ALBANY, GA (WALB) - President Bush is asking congress to quickly pass a 700-billion dollar financial bailout bill. The President talked about the plan Saturday morning outside the White House.
Bush wants congress to let the government buy 700-billion dollars in bad mortgages. The President says he decided to act boldly once he realized how severe the problems were.
"Over time we're going to get a lot of the money back, but right now the government needed to send a clear signal that we understood the instability could ripple throughout and affect the working people and the average family, and we weren't going to let that happen."
If approved this will be the largest financial bailout since the great depression. Some South Georgians agree with the President that something needs to be done about the economy, but many don't think they should have to help pay for it.
Bush's bailout plan would raise the national debt to 11 trillion dollars. It comes on top of the 85-billion dollar government rescue of the insurance giant, AIG. The government is also spending another $200-billion on Fannie Mae and Freddie Mac.
"Normally I am cautious about government bailouts, but I think given the situation that was probably what needed to be done," said Vincent Dubiansky.
"If I make a mistake I have to pay for it, but than I don't think it should have ever got to this point to start with," said Clayton Holton.
Divided across the population, these plans will amount to more than 2,000 dollars for every man, woman and child in the United States.