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Bush warning over bail-out delay | Bush warning over bail-out delay |
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US President George W Bush has warned the US economy is at a "critical moment" as he vowed to get his Wall Street rescue plan through Congress. | US President George W Bush has warned the US economy is at a "critical moment" as he vowed to get his Wall Street rescue plan through Congress. |
He said consequences would be "painful and lasting" if the $700bn (£380bn) deal rejected on Monday by the US House of Representatives was not passed. | |
He offered reassurance to citizens of the US and wider world the current political deadlock would be resolved. | |
Global shares have seen volatile trading since Monday's deal failure. | |
"We are in an urgent situation and the consequences will grow worse each day if we do not act," Mr Bush said at the White House. | "We are in an urgent situation and the consequences will grow worse each day if we do not act," Mr Bush said at the White House. |
'Painful and lasting' | 'Painful and lasting' |
He said the economy was depending on "decisive action on the part of our government". | |
The US president said he wanted to "assure our citizens and citizens around the world that this is not the end of the legislative process". | The US president said he wanted to "assure our citizens and citizens around the world that this is not the end of the legislative process". |
In Brussels, the European Union earlier urged Washington to live up to its special responsibility and demonstrate statesmanship to resolve the global credit crisis. | In Brussels, the European Union earlier urged Washington to live up to its special responsibility and demonstrate statesmanship to resolve the global credit crisis. |
Republicans and Democrats have been blaming each other for the failure of the rescue plan, which was rejected by 228 to 205 votes in the House of Representatives on Monday. | Republicans and Democrats have been blaming each other for the failure of the rescue plan, which was rejected by 228 to 205 votes in the House of Representatives on Monday. |
About two-thirds of Republican lawmakers refused to back the rescue package, as well as 95 Democrats in tense scenes rarely seen on the House floor. | About two-thirds of Republican lawmakers refused to back the rescue package, as well as 95 Democrats in tense scenes rarely seen on the House floor. |
The House is not due to meet again until Thursday as many members have gone home for the Jewish holiday. | The House is not due to meet again until Thursday as many members have gone home for the Jewish holiday. |
Both US presidential candidates Barack Obama and John McCain back the rescue plan, although each has accused the other of injecting politics in to horse-trading over the deal. | Both US presidential candidates Barack Obama and John McCain back the rescue plan, although each has accused the other of injecting politics in to horse-trading over the deal. |
Monday brought further financial turmoil to the US and Europe, with Wachovia, the fourth-largest US bank, being bought by larger rival Citigroup. | Monday brought further financial turmoil to the US and Europe, with Wachovia, the fourth-largest US bank, being bought by larger rival Citigroup. |
And Benelux banking giant Fortis was partially nationalised by three governments while UK lender Bradford & Bingley was taken into state ownership. | And Benelux banking giant Fortis was partially nationalised by three governments while UK lender Bradford & Bingley was taken into state ownership. |