WASHINGTON - Treasury Secretary Henry Paulson said Sunday that the nation’s credit markets remain frozen and Congress must move quickly to pass a $700 billion bailout package for financial firms. But key Democrats said the legislation needs changes to provide better protections for taxpayers and homeowners in danger of losing their homes.”The credit markets are still very fragile right now and frozen,” Paulson said in an interview on NBC’s Meet the Press. “We need to deal with this and deal with it quickly.”EARLIER: BUSH ASKS FOR $700B BAILOUTPaulson made the rounds of the television talk shows to stress the need for speed in getting the bailout package approved. The administration spent the weekend negotiating the details of the proposal with members of Congress with the expectation that it can be passed in the next week.Paulson said that “it pains me tremendously to have the American taxpayer put in this position but it is better than the alternative.”Sen. Richard Shelby of Alabama, the top Republican on the Senate Banking Committee, said that what Congress was being asked to approve was the “mother of all bailouts” which Shelby said would end up costing more like $1 trillion rather than $700 billion when the… Read full this story
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