President Barack Obama says the bank bailout will probably cost more than the $700 billion allocated by Congress and he is asking lawmakers to join him in "doing whatever proves necessary."
In a speech to Congress Tuesday, Obama said he understands the public anger over high-priced executive bonuses at banks that received billions in taxpayer dollars. He said: "I promise you I get it."
But the president said the issue is not about helping banks, it's about helping people. He said Americans rely on banks for home, auto, small business and college loans.
In seeking unspecified help from Congress, Obama said it was imperative because "we cannot consign our nation to an open-ended
He urged Congress to pass legislation to reform the outdated regulatory system.