By Mark EganNEW YORK (Reuters) - Architects of a $700 billion bailout plan urged U.S. lawmakers to act swiftly or face dire economic consequences as global stock markets fell for a second day on growing concern the rescue may be delayed.
Treasury Secretary Henry Paulson told lawmakers during five hours of grueling hearings on Tuesday that the bailout was "embarrassing" but needed to stave off a deep recession and restore confidence in markets. The U.S. Federal Reserve was forced to inject another $2 billion in cash into the troubled financial system.
After lawmakers scoffed at the size, lack of details and the speed the bailout they were being asked to approve, U.S. stocks closed down about 1.5 percent on the lack of certainty over when and how Washington would act.
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