American President George Bush has put a proposal, asking Congress for the authority to spend as much as $700 billion to purchase troubled mortgage assets and contain the financial crisis.

This could be the most sweeping economic intervention by government since the great depression of 70′s. The Financial position of America has come to a very critical condition and in such conditions, Government intervenes to help it.

The plan matches the scope of the problem, Bush said.

“It is a big package because it’s a big problem,” Bush told reporters at a press conference. “The risk of doing nothing far outweighs the risk of the package.”

Henry Paulson, lawmakers and their aides are expected to work through the weekend in an effort to craft a bill swiftly. Democratic leaders on Capitol Hill said they expect the bill to go before a vote within days.