Bush: We will overcome any obstacle to approve bailout
Friday, 26 Sep 2008 19:55
Talks to find consensus on $700 billion economic rescue package in US have stalled, negotiations admit
George Bush has called on the entire spectrum of United States politics to "rise to the occasion" and approve his $700 billion (£377 billion) rescue plan.
Negotiations to find consensus on the bailout package are due to resume later after stalling last night.
Mr Bush, who has already warned the US faces "financial panic" if the plans are not approved, told reporters at the White House: "We're going to get past it.
"We will rise to the occasion and Republican and Democrats will approve this rescue plan," he said.
Earlier, Nancy Pelosi, the speaker of the House of Representatives, said the package "has to happen".
An agreement to the Bush administration's bailout package had appeared close late last night before a group of maverick Republicans – reportedly led by John McCain - proposed a new solution.
The failure to agree upon the package has already taken its toll; Washington Mutual has been taken over by the authorities and sold to JPMorgan Chase for $1.9 billion (£1 billion) – the largest banking collapse in American history.
Negotiations between Congressional leaders were said to be making progress towards a deal on Thursday before an emergency meeting at the White House, attended by Mr McCain and fellow White House nominee Barack Obama.
A new plan proposed by the Republicans was rejected out of hand by the Democrats, reports claim.
Speaking to journalists after leaving the talks, which are due to resume later on Friday, Republican senator Richard Shelby said the bailout was in "limbo".
During last night's talks, Mr Bush reportedly warned that if the plan was not approved "this sucker [the economy] could go down".