Congress, president today will work on deal for economic bailout
8:45 a.m. Thursday, September 25, 2008
With Congress and the White House wrestling over the bailout bill, President Bush took his case straight to the American public.
"Without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold," Bush said.
That scenario, according the commander in chief, would involve a "long and painful recession".
"The market is not functioning properly," he said. "There's been a widespread loss of confidence."
And he addressed the plight of ordinary Americans.
"Given the situation we are facing, not passing a bill now would cost these Americans much more later," he said.
Still, many in Congress maintain a deal will only get done this week if the White House is willing to compromise.
"The bill the president has proposed is not going to pass. It is just a blank check of a huge amount of money all going to Wall Street and none of it to protect taxpayers," New York Sen. Charles Schumer said.
Even Republicans are demanding answers from Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke.
"I need you to tell that guy on his couch, so when he watches the 6 o'clock news, what happens. Is he going to be out of a job?" said Ohio Rep. Steven Latourette, a House Financial Service Committeeman.
And while Sen. John McCain announced plans to suspend his presidential campaign, insisting Friday night's debate should be postponed.
"All we must do is temporarily set politics aside," McCain said.
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Barack Obama was having none of it.
"Presidents are going to have to deal with more than one thing at a time," Obama said.
House and Senate leadership along with Senators McCain and Obama will meet this afternoon at the White House, to hammer out a bi-partisan solution to the economic crisis as soon as possible.
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