George Bush


US unveils $250bn banking rescue

George W Bush has announced on behalf of the US government a $250bn (£143bn) plan to purchase stakes in numerous US banks.

After yesterday's (Monday) injection of £37bn of taxpayers money into British banks by Chancellor of the Exchequer Alistair Darling, President Bush has followed suit, declaring: "This is an essential short term measure to ensure the viability of America's banking system."