VOA慢速英语-IN THE NEWS - Quick Action Sought on US Plan to Resc

This is IN THE NEWS in VOA Special English.

In recent weeks, the United States government has dealt with struggling financial companies on a case-by-case basis. Now government and congressional leaders are discussing a plan, and they say there is no time to lose.
　
At the White House Friday, from left, Fed chief Ben Bernanke, President Bush, Treasury¹ Secretary Henry Paulson and Securities and Exchange Commission Chairman Christopher Cox

The idea is to have the government buy troubled housing loans from banks and other financial companies. These bad debts resulted from what Treasury Secretary Henry Paulson calls "irresponsible lending and irresponsible borrowing."

The loans were then sold as securities. Investors² bought them for their high returns. But now their loss of value may call into question the financial condition of the companies that own them. As a result, these bad loans have blocked the flow of credit that the economy depends on.

Removing them from the financial system will require a lot of money. How much? Secretary Paulson was asked that question at a news conference on Friday.

REPORTER: "You said this needs to be a significant size. Are we talking hundreds of billions, a trillion dollars?"

HENRY PAULSON: "We're talking hundreds of billions. This needs to be big enough to make a real difference and get at the heart of the problem."

Details of the rescue plan are still being worked out, but the administration wants Congress to act on legislation next week. Congress is supposed to leave after that to campaign for the November fourth elections, but lawmakers could delay their plans.

President George Bush called on Congress not to add provisions that could delay a bill. He says the proposed action does involve risk to taxpayer³ money, but he expects the money will be paid back. He says most of the assets that the government is planning to buy have good value over time, because most homeowners continue to pay their mortgages.

And he says the economic risks of not acting⁴ would be far higher.

Earlier this week, the government gave a rescue loan to the huge insurance company A.I.G. in return for a controlling interest. That came after the government took control of the housing finance companies Fannie Mae and Freddie Mac last week. And six months ago it provided loans for the bailout of the investment bank Bear Stearns. All these steps, and more, are connected to the bad loans.

President Bush said the American system of free enterprise rests on the idea "that the federal government should interfere⁵ in the marketplace only when necessary." He says today's shaky financial markets demand government intervention⁶.

Recent measures have been historic. But there have been other government interventions⁷ in private business over the years.

For example, Congress provided billions of dollars to help airlines after the terrorist attacks seven years ago.

And in nineteen eighty-nine, when President Bush's father was president, Congress established the Resolution Trust Corporation. The agency had to deal with hundreds of failed savings⁸ and loan banks. Dealing⁹ with that crisis cost taxpayers¹⁰ about one hundred twenty-five billion dollars.

And that's IN THE NEWS in VOA Special English, written by Brianna Blake. I'm Steve Ember.

1 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

2 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

3 taxpayer   

n.纳税人

参考例句：

• The new scheme will run off with a lot of the taxpayer's money.这项新计划将用去纳税人许多钱。
• The taxpayer are unfavourably disposed towards the recent tax increase.纳税者对最近的增加税收十分反感。

4 acting   

n.演戏，行为，假装；adj.代理的，临时的，演出用的

参考例句：

• Ignore her,she's just acting.别理她，她只是假装的。
• During the seventies,her acting career was in eclipse.在七十年代，她的表演生涯黯然失色。

5 interfere   

v.(in)干涉，干预；(with)妨碍，打扰

参考例句：

• If we interfere, it may do more harm than good.如果我们干预的话，可能弊多利少。
• When others interfere in the affair,it always makes troubles. 别人一卷入这一事件，棘手的事情就来了。

6 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。

7 interventions   

n.介入，干涉，干预( intervention的名词复数 )

参考例句：

• Economic analysis of government interventions deserves detailed discussion. 政府对经济的干预应该给予充分的论述。 来自辞典例句
• The judge's frequent interventions made a mockery of justice. 法官的屡屡干预是对正义的践踏。 来自互联网

8 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

9 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

10 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。