President Bush urged Congress Monday morning to pass the compromise financial system bailout bill that leading lawmakers fashioned in marathon weekend bargaining, saying it is needed to "keep the crisis in our financial industry from spreading" across the economy.
Bush made the statement at the White House, and he also sought to assure Americans that approving his administration's $700 billion rescue plan is the right thing to do. Bush spoke amid continued nervousness in financial markets at home and overseas.
Bush argued that jittery U.S. taxpayers will benefit from a number of safeguards that lawmakers wrote into the pending legislation during weekend negotiations on Capitol Hill, including checks and balances on the operation of the program.
The president spoke shortly after two leading players in the Hill bargaining went on television news shows to urge passage, even as both acknowledged the necessity of this action represents a sad day for the nation.
The latest assessments of prospects for passage came as investors worldwide and in early trading in the United States continued to show doubt about whether the bill would go through, much less go a long way toward curing the systemic problems that have unnerved financial markets across the globe for weeks.
(Source: WCBSTV)
http://www.theyeshivaworld.com/article.php?p=24141
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