President George W. Bush early this morning made an appeal for support of a $700 billion financial bailout being negotiated with the U.S. Congress. In a nationally televised address, Bush warned that the financial crisis could push the economy into a long-term recession if the government does not act now.
Here are excerpts from Bush's address and comments on the proposed bailout:
PRESIDENT GEORGE W. BUSH:
"I know that an economic rescue package will present a tough vote for many members of Congress. It is difficult to pass a bill that commits so much of the taxpayers' hard-earned money. I also understand the frustration of responsible Americans who pay their mortgages on time, file their tax returns every April 15th, and are reluctant to pay the cost of excesses on Wall Street. But given the situation we are facing, not passing a bill now would cost these Americans much more later."
PRESIDENTIAL NOMINEES, DEMOCRAT BARACK OBAMA AND REPUBLICAN JOHN MCCAIN, JOINT STATEMENT:
"The plan that has been submitted to Congress by the Bush Administration is flawed, but the effort to protect the American economy must not fail. This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe."
REP. BARNEY FRANK, MASSACHUSETTS DEMOCRAT, CHAIRMAN, HOUSE FINANCIAL SERVICES COMMITTEE:
"We know very well what Treasury and the Federal Reserve think would make this unworkable. I do not think we will have anything in here that they think would make it unworkable. It may have some things that they think are a pain in the ass but not a heart attack."
HOUSE SPEAKER NANCY PELOSI, REPUBLICAN LEADER JOHN BOEHNER, JOINT STATEMENT:
"Working in a bipartisan manner, we have made progress. We agree that key changes should be made to the administration's initial proposal. It must include basic good-government principles, including rigorous and independent oversight, strong executive compensation standards, and protections for taxpayers."
SEN. CHRIS DODD, CONNECTICUT DEMOCRAT, CHAIRMAN, SENATE BANKING COMMITTEE:
"We're not there yet," Dodd told reporters on Wednesday evening, adding that there was a "good possibility we'll get there in a day or so."
ALASKA GOV. SARAH PALIN, REPUBLICAN VICE PRESIDENTIAL NOMINEE, IN CBS INTERVIEW:
"Not necessarily this as it's been proposed has to pass or we're going to find ourselves in another Great Depression. But there has got to be action taken, bipartisan effort, Congress not pointing fingers at this point at one other, but finding the solution to this, taking action, and being serious about the reforms on Wall Street that are needed."