Our Entire Economy Is in Danger!
--President Bush
In Address to Nation, Bush Urges Quick Action by Congress
By Lori Montgomery and Paul Kane
Wednesday, September 24, 2008; 9:33 PM
President Bush said tonight the credit crisis that has seized world markets could lead to a "deep and painful recession" unless Congress acts quickly to approve a $700 billion bailout plan for the nation's financial system, a message aimed at reluctant lawmakers as much as a deeply skeptical public.
"Our entire economy is in danger," Bush said in the address from the White House, emphasizing that the massive bailout was not targeted just toward "one company" or even one financial sector. "It is aimed at preserving America's overall economy."
Warning that "America could slip into a financial panic," Bush blamed the crisis on "easy credit" in the housing markets and urged Congress to act soon because the "widespread loss of confidence" in the financial sector could affect all levels of the domestic economy and cause the nation to "experience a long and painful recession."
"Given the situation we are facing, not passing a bill now would cost these Americans much more later," he said, warning of job losses ranging in the millions.
Bush delivered the prime-time speech, his first in over a year, after a clamor on Capitol Hill for him to acknowledge the most serious financial crisis in decades and to personally make the case for the government intervention his administration has proposed.
