Fed will buy $300 billion in Treasuries to jump start economy

Just call it Uncle Sam investing in Uncle Sam -- or, the taxpayer investing in the taxpayer. In a surprise move, the Fed Wednesday announced a plan to buy $300 billion in long-term U.S. Treasuries as part of an expanded quantitative easing program aimed at jump starting the U.S. economy.

The Fed said it will buy up to an additional $750 billion in mortgaged backed securities and up to $200 billion in government service enterprise debt. The central bank added that it would consider expanding the TALF to include purchases of "other financial assets." The Fed said its decisions were unanimous.