WATCH LIVE

Donald Trump makes appearance on the convention floor during the first night of the RNC

Bush implores Congress to act to rescue markets

(AP) - President Bush said Tuesday the economic damage to the nation will be "painful and lasting" if Congressfails to pass a $700 billion bailout bill. Watch the president's comments The president's

News 12 Staff

Sep 30, 2008, 4:58 PM

Updated 5,767 days ago

Share:

(AP) - President Bush said Tuesday the economic damage to the nation will be "painful and lasting" if Congressfails to pass a $700 billion bailout bill.
Watch the president's comments
The president's latest statement on the financial crisis, arenewed mix of reassurances and warnings, came a day after theHouse voted narrowly to defeat the massive relief measure that hisadministration had negotiated with leading members of Congress. Thefailure of the plan stunned Washington and Wall Street.
"We're facing a choice between action and the real prospect ofeconomic hardship for millions of Americans," Bush said in briefcomments in the White House Diplomatic Reception Room. "And forthe financial security of every American, Congress must act."
The two men who want Bush's job, Republican Sen. John McCain andDemocratic Sen. Barack Obama, both called the president Tuesdaymorning. White House spokesman Tony Fratto said the twopresidential contenders each offered ideas on what to do next, andreaffirmed that the crisis must be addressed.
"Both calls were very constructive," Fratto said. The WhiteHouse will not comment on specific ideas as it tries to work out adeal with Congress, he said.
Bush sought to reassure the jittery markets that the breakdownon Capitol Hill was temporary.
"It matters little what a path a bill takes to become law," hesaid. "What matters is that we get a law."
Administration officials were talking to congressional leaderson Tuesday on how to keep legislation moving. Congress is on abreak for the Jewish New Year.
"I recognize this is a difficult vote for members ofCongress," Bush said. "Many of them don't like the fact that oureconomy has reached this point, and I understand that. But thereality is that we are in an urgent situation, and the consequenceswill grow worse each day if we do not act."
The House voted 228-205 Monday against the bill designed tostabilize a reeling financial system. Of those voting no, 133 werefrom Bush's own party. The defeat triggered the biggest one-daysell-off on Wall Street since the September 2001 terrorist attacks,as the Dow Jones industrial plummeted by 778 points.
"The dramatic drop in the stock market that we saw yesterdaywill have a direct impact on the retirement accounts, pensionfunds, and personal savings of millions of our citizens," Bushsaid. "And if our nation continues on this course, the economicdamage will be painful and lasting."
Under the plan, the government would take over huge amounts ofdevalued assets from beleaguered financial companies in hopes ofunlocking frozen credit.
The economic troubles in the United States have shaken globalmarkets. Accordingly, Bush targeted his comments to a worldwideaudience.
"I assure our citizens - and citizens around the world - thatthis is not the end of the legislative process," he said.


More from News 12
2:22
Prosecutor: Manchester murder investigation leads to discovery bags of body parts

Prosecutor: Manchester murder investigation leads to discovery bags of body parts

2:41
HEAT ALERT: Excessive heat warning extended through Wednesday as temps rise

HEAT ALERT: Excessive heat warning extended through Wednesday as temps rise

7:10
Trump picks Sen. JD Vance of Ohio, a once-fierce critic turned loyal ally, as his GOP running mate

Trump picks Sen. JD Vance of Ohio, a once-fierce critic turned loyal ally, as his GOP running mate

2:08
NJ American Water issues mandatory water restrictions for parts of Ocean, Monmouth counties

NJ American Water issues mandatory water restrictions for parts of Ocean, Monmouth counties

Authorities identify victims killed in weekend house fire in West Orange

Authorities identify victims killed in weekend house fire in West Orange

1:33
‘People need heat relief.’ Paterson opens cooling centers as temps rise around NJ

‘People need heat relief.’ Paterson opens cooling centers as temps rise around NJ

0:24
Spokesperson: Rep. Bill Pascrell checks into hospital for fever

Spokesperson: Rep. Bill Pascrell checks into hospital for fever

2:55
Jury finishes 2nd day of deliberations without a verdict at Sen. Bob Menendez's bribery trial

Jury finishes 2nd day of deliberations without a verdict at Sen. Bob Menendez's bribery trial

0:24
Jersey Proud: Jersey City police officers promoted during Monday ceremony

Jersey Proud: Jersey City police officers promoted during Monday ceremony

1:34
Vacant building fire in Plainfield causes roof collapse; investigation underway

Vacant building fire in Plainfield causes roof collapse; investigation underway

1:18
Going for gold: A look at some New Jersey athletes heading to the Paris Olympic Games

Going for gold: A look at some New Jersey athletes heading to the Paris Olympic Games

0:28
Mays Landing man pleads guilty to murdering his mother

Mays Landing man pleads guilty to murdering his mother

2:04
Route 15 temporary bridge in Jefferson opens earlier than expected

Route 15 temporary bridge in Jefferson opens earlier than expected

0:28
Woman jumps out of window in Franklin Township to avoid being struck by bullets

Woman jumps out of window in Franklin Township to avoid being struck by bullets

2:14
Don't be caught in the dark: Are you ready to power through hurricane season?

Don't be caught in the dark: Are you ready to power through hurricane season?

0:48
NJ Attorney General’s Office releases video of fatal South Brunswick motel standoff with NYC suspect

NJ Attorney General’s Office releases video of fatal South Brunswick motel standoff with NYC suspect

3:30
Trump heads to convention as authorities investigate motive, security in assassination attempt

Trump heads to convention as authorities investigate motive, security in assassination attempt

0:23
Newark official: 5 men stabbed in Ironbound neighborhood

Newark official: 5 men stabbed in Ironbound neighborhood

3:04
Made in New Jersey: For nearly 150 years, Serratelli Hat Company in Newark has served the hat industry

Made in New Jersey: For nearly 150 years, Serratelli Hat Company in Newark has served the hat industry

0:24
Fire officials: 2 people trapped inside car after hitting parked trucks at Cherry Hill rest stop

Fire officials: 2 people trapped inside car after hitting parked trucks at Cherry Hill rest stop