House leaders agree $700bn US bail-out

US President George W Bush says the bill, due to go a Congress vote shortly, will help protect the economy from a “system-wide breakdown”. The Emergency Economic Stabilization Act of 2008 can deploy up to $700bn to purchase or insure against troubled banking assets, while it will also be used to avert potential systemic risk resulting from a large financial failure. President Bush says the plan shows the world the US is serious about restoring financial confidence and stability. “Without this rescue plan, the costs to the American economy could be disastrous,” Bush says. “Members of...