Congress must act on plan to save economy - Bush

30 September 2008 14:43  [Source: ICIS news]

WASHINGTON (ICIS news)--President George Bush on Tuesday renewed his appeal for congressional approval of a $700bn (€483bn) financial sector bailout bill, saying that “Congress must act” to deal with what he termed a critical moment in the US economy.

 

Speaking at the White House the day after the US House of Representatives defeated the controversial and costly rescue plan, Bush said that he was disappointed by the rejection but that the effort to craft a rescue plan acceptable to rank-and-file members of Congress will continue.

 

In remarks made just minutes before Wall Street was set to open, Bush said: “I want to assure citizens of this country and of the world that this is not the end of the legislative process”. 

 

“The legislative process can be complicated and contentious.  But how we get to a solution is not important, what matters is that eventually we get a law.”

 

But Bush again emphasised, as he did in remarks aimed at Congress on Monday before the failed vote, that legislative action must be taken quickly.

 

“We are at a crucial moment in our economy, and we need legislation that will allow lending to go on and for the economy to get moving again,” Bush said.

 

“I realise that this is a difficult vote for many members of Congress, but the reality is that this is an urgent situation and the consequences will become worse each day if we do not act,” he said.

 

Citing Monday's 778-point decline in the Dow Jones Industrial Average index that followed the House bailout rejection, Bush said those market losses are having a dire impact on the retirement savings of millions of Americans and the savings of family households.

 

“If this continues, the damage to our economy will be painful and lasting,” Bush said.

 

Bush said he was mindful that many in Congress were worried about the $700bn cost of the financial rescue plan, but he noted that Monday’s stock market decline represented losses of more than $1,000bn.

 

He said he and other officials of his administration would be talking with members of Congress on Tuesday “on how to move forward when members return tomorrow”.

 

“The sooner we address this problem, the sooner we can get back to job growth and the growth of our economy,” he said, adding: “Congress must act.”

 

“I am confident that we will deliver,” Bush said.

 

($1 = €0.69)

 

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By: Joe Kamalick
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