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Paulson Bailout Plan Could Cost $1 Trillion

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Congressional leaders said after meeting Thursday evening with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke that as much as $1 trillion could be needed to avoid an imminent meltdown of the U.S. financial system.

Paulson plans to announce his "comprehensive" plan at 10 a.m. Eastern at the Treasury building, next door to the White House.

Stock markets soared around the world in anticipation of the rescue, with British and Chinese indexes recording their biggest gains ever.

Read the whole story at Politico