Washington- The administration of President George W Bush is seeking 700 billion dollars from Congress to buy up distressed assets as part of its plan to help halt the worst financial crisis since the 1930s, the Wall Street Journal reported Saturday.

The newspaper's online service said the Treasury Department sent Congress legislative language Friday evening, asking for broad authority to buy assets from US financial institutions.

The two-and-a-half-page request contains a broad outline of how this new entity would function, the report said.

The government wanted to keep the plan simple, in part because it wants the flexibility to adjust what it's doing as market conditions change, a person familiar with the matter told the Journal. (dpa)