McCormick says could launch rescue in weeks: report

WASHINGTON (Reuters) - Treasury Undersecretary David McCormick said on Wednesday it would be "weeks, not months" before the government begins a proposed series of auctions aimed at buying soured assets to unclog credit markets.

"That plan needs to be fully developed," McCormick said in an interview on CNBC.

Responding to a question about whether European authorities were considering a similar broad financial rescue program, McCormick said U.S. officials have been in "constant touch" with European counterparts about the financial crisis.

"They're very carefully analyzing the situation," he said. "We hope that they'll do something that's appropriate to their national circumstances," he added.

(Reporting by Mark Felsenthal, Editing by Chizu Nomiyama)