By MIKE ALLEN | 9/19/08 8:47 AM EDT
Congressional leaders said after meeting Thursday evening with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke that as much as $1 trillion could be needed to avoid an imminent meltdown of the U.S. financial system.
Paulson plans to announce his “comprehensive” plan at 10 a.m. Eastern at the Treasury building, next door to the White House.
Stock markets soared around the world in anticipation of the rescue, with British and Chinese indexes recording their biggest gains ever.
Senate Banking Committee Chairman Chris Dodd (D-Conn.) said on ABC’s “Good Morning America” said lawmakers were told last night “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications, here at home and globally.”
“What you heard last evening is one of those rare moments — certainly rare in my experience here — was that Democrats and Republicans decided we needed to work together, quickly,” Dodd said.
http://www.politico.com/news/stories/0908/13602.html