Bush Warns Congress To Act Fast On Bailout

WASHINGTON (AP) - President Bush has issued a warning to
Congress: act now on a financial rescue plan or the economy could
face "painful and lasting" damage.
In brief remarks at the White House this morning, Bush pledged
that his administration will work with congressional leaders to get
the defeated 700-billion-dollar relief package back on track,
saying "this is not the end of the legislative process."
While conceding the proposal is huge, he noted that it was
dwarfed by the trillion dollars lost in yesterday's stock-market
plunge. He said that "will have a direct impact on retirement
accounts, pension funds and personal savings" of millions of
Americans.
He also said the actual cost to the taxpayers should end up much
less, arguing that once markets recover, the assets the government
buys likely will gain value.
While acknowledging it's "a difficult vote for members of
Congress," Bush called the situation "urgent," saying the
consequences of inaction "will grow worse each day."