Getting your player ready...
WASHINGTON — One day after Barack Obama was elected president, the outgoing Bush administration detailed its plans to borrow a record $550 billion through the end of the year to back the financial bailout.
The Treasury Department said Wednesday that it will sell $55 billion in bonds next week, part of a huge borrowing effort to cover the $700 billion bailout and a budget deficit expected to hit a record of nearly $1 trillion next year.
The Federal Reserve said it will edge up interest rates it pays banks on their required reserves and the excess reserves they choose to deposit with the central bank. The rescue bill authorized the Fed to start paying interest rates to commercial banks on the reserves. The Associated Press
