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Paulson vows continued efforts on rescue plan

(Agencies)
Updated: 2008-09-30 11:15

WASHINGTON -- Treasury Secretary Henry Paulson said his agency would use "all the tools available to protect our financial system and the economy" in response to Monday's stunning defeat of the government's proposed $700 billion bailout.

Related readings:  Stocks plummet in largest one-day point drop ever  Oil plunges below $100 as US bailout plan voted down

Paulson, speaking with reporters after meeting with President Bush at the White House, said, "our toolkit is substantial but insufficient" without a bailout, and that the Bush administration will continue to seek congressional approval for a rescue package.

He warned that the same stresses overwhelming the banking industry, including last week's collapse of Washington Mutual Inc. -- the biggest bank failure in history -- and the purchase of troubled Wachovia Corp.'s banking operations by Citigroup on Monday, were also being felt by ordinary families.

"Families, too, feel the credit crunch as it becomes more difficult to get car loans or a student loan," Paulson said.

The Treasury secretary spoke after the House had rejected the $700 billion bailout plan on a 228-205 vote and after the Dow Jones industrial average had plunged by 777 points, the largest point-decline on record.

"We need to put something back together that works," Paulson said, facing reporters on the White House driveway. He said the administration still believed that its plan could work.

Treasury spokeswoman Michele Davis said Paulson would be consulting with President Bush, Federal Reserve Chairman Ben Bernanke and congressional leaders on what next steps to take.

Davis did not specify what the administration will do next to stabilize the economy.

Treasury was expected to continue working with other government agencies including the Federal Reserve and the Federal Deposit Insurance Corp. to deal with problems facing the financial system on a case-by-case basis.

At the White House, deputy press secretary Tony Fratto said the administration will talk with congressional leaders before deciding what to do.

Paulson had spent the day before the House vote on the telephone speaking to lawmakers, seeking their support.