Federal Reserve and Treasury unveil major initiative to jump-start lending.
The government has introduced a pair of new programs that will provide $800 billion to help unfreeze the market for consumer debt which Treasury Secretary Henry Paulson calls vital to supporting the economy.
Paulson says key markets for consumer debt such as credit cards, auto loans and student loans essentially came to a halt in October. He says the new programs are aimed to get lending back to more normal levels.
Paulson says all the government programs have been aimed at supporting the lending that is vital to the economy.
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