Summary
WASHINGTON -- One day after Barack Obama was elected the next U.S. president, the outgoing Bush administration detailed its plans to borrow a record $550 billion through the end of the year to back the financial bailout.
The Federal Reserve, meanwhile, said it will boost interest payments to banks as authorities battle the worst financial crisis in decades.See the full content of this document
Extract
Obama Faces Lots of Red Ink
The Treasury Department said Wednesday it will sell $55 billion in bonds next week, part of a massive borrowing effort to cover the $700 billion bailout and a budget deficit that's expected to hit a record of nearly $1 tri...
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