Learning English - Words in the News
19 September, 2008 - Published 11:00 GMT
US to tackle financial crisis
Financial officials in the United States say they are formulating a plan to help banks with bad debts - in an attempt to head off the economic crisis that has sent global markets into freefall this week. Our North America Editor, Justin Webb reports:
A comprehensive approach backed by legislation - that is what the US Treasury Secretary, Henry Paulson, said he was hoping would be the result of last night's meeting on Capitol Hill.
The deal is not yet done but senior administration officials say they will keep at it for as long as it takes, and the leaders of the Republicans and the Democrats in the House of Representatives both suggested that agreement was close.
What they want to do is allow financial institutions to hand all the toxic loans that are at the heart of the financial meltdown to a newly created repository - in effect a nationalisation of all the bad debt.
The details of the plan are vague but there is a sense that the authorities need to find a way of getting a grip on this crisis - to convince everyone that the nation's politicians understand the gravity of the situation and will do whatever it takes to bring it under control.
Justin Webb, BBC News, Washington
A comprehensive approach
backed by legislation
keep at it
at the heart of
getting a grip on
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