Treasury Secretary Henry Paulson

Treasury Secretary Henry Paulson Jr. said Wednesday that Wall Street investment firms must provide more information about their financial condition if they are occasionally allowed to borrow money from the Federal Reserve as commercial banks do.

With the world’s financial markets teetering on the brink of panic, the world’s most powerful executives, financiers and politicians will be searching for answers to the global credit meltdown when they gather for their annual retreat in this week in the Swiss Alps.

U.S. Treasury Secretary Henry Paulson stressed Wednesday the economic interdependence between the United States and China, and warned against rising protectionist sentiment. Speaking at the opening ceremony of the Third China-U.S. Strategic Economic Dialogue (SED), Paulson said, "There is hardly an issue- from trade, to product safety to climate change - where American and Chinese economic interests do not overlap." The U.S.-China relationship has become central to each nation's interest and to maintaining a stable, secure and prosperous global system, he said.

WASHINGTON -- Treasury Secretary Henry Paulson told Congress on Wednesday the government will hit the current debt ceiling on Oct. 1. He sought quick action to increase the limit, saying it was essential to protect the "full faith and credit" of the country, especially at a time of financial market turmoil. The limit is $8.965 trillion. Unless Congress votes to raise it, the country would be unable to borrow more money to keep the government operating and to pay debt obligations coming due.