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American Taxpayers Will Swallow Wall Street's Toxic Debts

\"There will be ample opportunities to debate the origins of this problem.\" - President George W. Bush

A sweeping package of measures by the US government to bail out struggling banks sparked hasty cross-party negotiations in Congress and sent financial markets rocketing on hopes of a long-term resolution to the credit crunch yesterday.

Proposing a state-sponsored corporation to sweep up toxic debts held by teetering financial institutions, President Bush called for bipartisan action to restore confidence in the US economy.