Washington (AP) Senate Banking Committee Chairman Chris Dodd says the United States may be “days away from a complete meltdown of our financial system” and congress is working quickly to prevent that.
Dodd says Democrats and Republicans on the hill are coming together to support the Bush administration's developing plan to buy up bad debt from financial institutions and get the credit system working again. Dodd told ABC's “Good Morning America” that
The nation's credit is seizing up and people can't get loans.
The ranking republican on the banking committee, Senator Richard Shelby, predicts the new bailout plan will cost at least half a trillion dollars.
Shelby says the nation has “been lurching from one crisis to another.” both veteran lawmakers say this is the most serious financial crisis they've seen in their years in congress.