The government on Wednesday unveiled the latest version of a sweeping $1 billion bailout for the US financial system, which has been beset by systemic risk, a collapse in investor confidence and a near-total meltdown.
The $1 trillion bailout is a major step toward repairing the troubled US financial systems.
But as President Donald Trump, who has said the bailout is necessary, and lawmakers, including House Speaker Paul Ryan, who have criticized it, negotiate the details, the measure is also at odds with the views of a broad coalition of Republicans, many of whom support the bailouts as necessary.
In a statement, the administration said the $1-trillion bailout is intended to help prevent another financial meltdown and is designed to help the US meet its commitments to other countries in the multilateral bailout program.
“The government is committed to meeting its own commitment to meet the commitments made by the United States, including to the International Monetary Fund and the World Bank,” said the statement, which does not detail the amount of the bailout.
“It is important to remember that the US was never forced to enter into the bailout program, and this Administration has never taken the side of a foreign government or a foreign investor.”
In a letter to Congress, House Speaker Ryan and the Republican majority in the Senate also argued that the bailout must be a government-funded program.
The White House statement on Wednesday said the program was intended to be “a permanent solution to a financial crisis” but that Congress “must act to make sure that this program continues to meet its promise.”
It added: “It’s time for the House and Senate to work together to put in place a permanent solution that protects our economic interests, and also protects taxpayers from a taxpayer bailout.”
Ryan said in a statement that the legislation should be amended to ensure that it provides for a “robust and permanent solution for the American people to pay their fair share.”
Ryan, in a Senate hearing on Wednesday, said that he supported the $200 billion bailout but that he had “serious concerns” that it does not address the need to prevent another crisis.
“We should have a system in place that will be able to deal with any kind of crisis that we might have and it’s a system that can be sustained,” Ryan said.
“I don’t think we’re there yet.
We’ve got to get to that place.”
The bailout program was approved by Congress in December, but Congress has been unable to agree on how to fund it.
The government says the bailout will fund a variety of projects, including the Troubled Asset Relief Program, the Community Reinvestment Act and the Troubling Economic Strain.
The federal government’s financial system has been on a tear since the financial crisis in 2008, but has been struggling to recover from the worst of the crash.
The bailout, which is expected to last at least a decade, is meant to pay for a range of programs and to ensure the financial system is financially stable and solvent.
The program will also cover the country’s long-term debt, including a $4 trillion payment to the United Nations that could be in the tens of billions of dollars over the next two years.
But the White House is under pressure to make significant changes to the bailout package as it works toward passing a new version of the stimulus bill.
Trump has repeatedly called for the bailout, and in recent weeks, he has called for an additional $100 billion to address systemic risk in the financial sector, including fixing the troubled subprime mortgage market.
Republicans in Congress have said that the bill is too small, will not do enough to prevent future financial crises and would also fail to ensure accountability for taxpayers.
But Ryan said Wednesday that the administration has already laid out an aggressive plan for restructuring the US economic system, including providing $5 trillion in tax cuts and other reforms that would help the economy rebound.
“That is the right path forward, that is the plan that the president has laid out,” Ryan told reporters.
“What we need to do is make sure we get this done.”
Ryan told lawmakers on Wednesday that he would be willing to work with Republicans on a longer-term solution, and he said he hoped that Congress would eventually agree on a “sensible” long-range plan to deal directly with the systemic risk posed by the financial markets.
The Senate, meanwhile, is preparing a package of bipartisan reforms that could help avert another financial crisis, including an extension of the unemployment benefit for the long-delayed long-haul worker.
A bipartisan plan to provide $1,000 in aid to workers struggling with chronic illnesses or injuries is also in the works.
The House and the Senate are expected to hold a hearing on the legislation on Thursday.
In addition to the financial bailouts, Congress has also approved a slew of other measures, including $1 to $4 billion for the Department of Housing and Urban Development to help communities revitalize and rebuild after a