AP - Key supporters of a Wall Street bailout package prodded lawmakers to approve the plan hours ahead of a difficult House vote on Monday, with President Bush saying it is needed to "keep the crisis in our financial system from spreading throughout our economy."
AP - Consumer spending in August turned in the weakest performance in six months, underscoring the threat the economy faces as the government's stimulus program fades into the past.
AP - In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations of Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp.
Stocks slipped at the opening bell today as Congress prepared to vote on a $700 billion bailout plan for the finance industry. The Dow was down more than 300 points in early trading. CNNMoney reports traders also are wary after a series of major bank bailouts in Europe and the acquisition of Wachovia by Citigroup.
President Bush expressed support today for a bill that would put up as much as $700 billion to rescue the nation's troubled financial system. Speaking at the White House, Bush called the proposed measure "an extraordinary agreement to deal with an extraordinary problem," CNNMoney reports.
Citigroup will acquire the banking operations of Wachovia for $2.2 billion in an all-stock deal, following much speculation over the weekend about the fate of the nation's fourth-largest bank.