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WASHINGTON – The Obama administration is developing proposals to help rescue the banking system that could cost taxpayers hundreds of billions of dollars beyond the $700 billion bailout Congress already has approved.
The International Monetary Fund wrote in a report Wednesday that losses from banks in the U.S. and Europe already have topped $1 trillion and could reach $2.2 trillion. At that rate, the banks will require "at least half a trillion dollars" to remain solvent, the report says.