Administration speeding up on economic problems

By: Associated Press
By: Associated Press

November 6, 2008

WASHINGTON (AP) -- As the number of days left in the White House dwindle, the Bush administration seems to be picking up the pace when it comes to getting the $700 billion financial rescue program up and running.

The Treasury Department has begun detailing how it plans to borrow a record $550 billion before the end of this year to back the bailout.

The plan is to sell $55 billion in bonds next week, including a reintroduction of the three-year note. The massive borrowing is needed because of the cost of the bailout and a budget deficit that some believe could hit nearly $1 trillion next year.

These efforts come amid a barrage of bad economic news. Later Thursday weekly unemployment figures will be released. Another report will likely show productivity slowed drastically in the third quarter this year.

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