Key lawmakers promise fast action on bailout

(AP) - Senate Banking Committee Chairman Chris Dodd says the United States may be "days away from a complete meltdown of our financial system" and

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 said Friday that Democrats and Republicans on the Hill arecoming together to support the Bush administration's developingplan to buy up bad debt from financial institutions and get thecredit system working again. Dodd told ABC's "Good MorningAmerica" that the nation's credit is seizing up and people can'tget loans.

The ranking Republican on the Banking Committee, Senator RichardShelby, predicts the new bailout plan will cost at least half atrillion dollars.

Shelby says the nation has "been lurching from one crisis toanother." Both veteran lawmakers say this is the most seriousfinancial crisis they've seen in their years in Congress.

advertisement | advertise on News 12

Trending Video

Organizers say they are still accepting memorabilia and 1 'Remembering World War I Project' works to preserve history
News 12, as local as local news gets. 2 Police: 2 pipe bombs found in vehicle in Newton
Neighborhood Brief for March 26 3 Neighborhood Brief for March 26
Neighborhood Brief for March 26 4 Neighborhood Brief for March 26
A nonprofit group is asking for the public's 5 Nonprofit aims to find homes for rescue dogs

advertisement | advertise on News 12

Features

Focus on Connecticut Focus on Connecticut

Features local, state and federal officials discussing the issues around southwestern Connecticut.

Celebrates African-American culture in southwestern Connecticut. Our Lives

Celebrates African-American culture in southwestern Connecticut.

Each week News 12 Connecticut introduces you to Hometown Hero

News 12 highlights people who give to the community.

We spotlight a local team each week. Connecticut Team of the Week

Each week News 12 Connecticut highlights a team from a local school.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE