PAULSON, BERNANKE: CONGRESS MUST MOVE NOW

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The Fed Chair urge Congress to act quickly on the bailout bill during Tuesday’s testimony before the Senate Banking Committee, warns that continued problems would have dire economic consequences.

Says he never meant to imply he didn’t think the program needed oversight in his first summary of the plan, assures they’ll work together to implement some. “I want it. We all want it.”

Bernanke reiterates the sentiment.“If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse.”

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