Bush calls for urgent financial bailout
George Bush has warned against stalling over his financial bailout package
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Monday, 22, Sep 2008 07:55
US president George Bush has warned that stalling over his proposed $700 billion (£378 billion) bailout scheme would have "broad consequences" for the US economy.
On Friday, plans were unveiled to address the current financial crisis which has seen the failure of US investment bank Lehman Brothers.
Speaking on Monday, Mr Bush said: "Over the weekend, members of my administration and congressional leaders worked on legislation to address the crisis in our nation's financial markets.
"They made good headway toward a bill that can pass the House and Senate in a timely manner, and the American people appreciate their efforts.
"Americans are watching to see if Democrats and Republicans, the Congress and the White House, can come together to solve this problem with the urgency it warrants."
Some members of the US Congress have called for designated help for those Americans suffering from the housing decline.
Mr Bush, though, said that any delay in passing his proposals would have a negative impact on the US economy.
"Failure to act would have broad consequences far beyond Wall Street. It would threaten small business owners and homeowners on Main Street," he said.
"Everyone recognises that it's not easy to write a bill of this magnitude in a timely manner, and all those who have worked so hard over the weekend and continue this morning deserve the thanks and appreciation of every American.
"Working together, I am confident we can enact the legislation necessary to prevent lasting damage to our economy and meet the unique challenge facing us today."