$700 Billion Bailout WASHINGTON, D.C. (Associated Press) -

Treasury Secretary Henry Paulson says the nation's credit markets are very fragile and still frozen. And he says Congress must move quickly to pass a 700-billion-dollar rescue package for financial firms.

He tells NBC's "Meet the Press" that the nation's outdated regulatory system for financial markets must be overhauled. But he says the first job is to get the rescue package passed by Congress in coming days.

Paulson is making the rounds of the television talk shows today to stress the need for speed in getting it approved. The administration is negotiating details of the proposal with members of Congress with the expectation that it can be passed in the next week.

Paulson says it pains him "tremendously" to have the American taxpayer put in this position but he says "it is better than the alternative."
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