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Paulson talked about one program the administration is still considering to tap into the $700 billion rescue fund: using what he called a "relatively modest amount" of money to unfreeze the credit markets that support such consumer debt as credit card loans, auto loans and student loans. Paulson first mentioned this idea publicly last week when he announced that the government had given up on what had originally been the centerpiece of the rescue program, an effort to buy troubled mortgage related assets. Paulson, who has announced that he has no intention of staying on in any capacity in a new administration, said he would miss the debates that will occur next year over the proper role for mortgage giants Fannie Mae and Freddie Mac when they emerge from government conservatorship. He also noted the next administration's challenge of restructuring the government's financial regulation to try to prevent a reoccurrence of the current crisis. Paulson and his two Democratic predecessors found a lot of common ground, although there was a sharp disagreement on taxes, with Paulson arguing that tax increases would be the wrong approach going forward. Obama campaigned on a tax plan that would cut taxes for 95 percent of households but would raise taxes on families making more than $250,000 a year, using the income to fund larger tax cuts for the middle class. "I don't think we are going to find tax increases helpful here," Paulson said.
[Associated
Press;
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