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Paulson says bailout needed to shield economy | Reuters

WASHINGTON (Reuters) - Treasury Secretary Henry Paulson took his case for an unprecedented $700 billion bailout of financial markets to the American people on Sunday, saying it was needed to prevent further damage to an already fragile economy.

"This is not something that we wanted to do. This was something that was very necessary," Paulson said on the NBC Sunday program "Meet the Press."

"We did this to protect the taxpayer."

The sweeping Bush administration plan would have the Treasury buy up bad mortgage-related debts from financial institutions to try to stem the worst financial storm since the Great Depression.

Paulson said U.S. authorities were pressing other governments to take similar actions.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Sep 21st, 2008 at 03:12:22 PM EST
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