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.
(Copyright 2008 Associated Press. All rights reserved.)