On Sunday Treasury Secretary Henry Paulson said that quick approval of the rescue plane is required urgently to calm down the financial system and protect the economy and taxpayers, and asked lawmakers to act quickly on the plan for the rescue of U.S market.

Henry Paulson stated that because of the financial crisis taxpayers are at risk. He added that $700 billion plan to buy bad mortgage assets off of companies’ books will be helpful. In an interview he stated that not doing this is more risky than doing it. Further he added that this is urgent requirement and they want to do this quickly.

According to the proposed legislation plan permits the government to buy the bad debt of U.S. financial institutions for the next two years.

Treasury secretary get authority to buy $700 billion in mortgage related assets under the proposed plan and would make higher the statutory limit on the national debt from $10.6 trillion to $11.3 trillion.