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Bush warning over bail-out delay Bush warning over bail-out delay
(10 minutes later)
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 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.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.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. 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."
'Painful and lasting''Painful and lasting'
He said the economy was depending on "decisive action on the part of our government".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 a 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. For the second time in as many days on Tuesday, western European governments stepped in to prop up an ailing financial institution.
And Benelux banking giant Fortis was partially nationalised by three governments while UK lender Bradford & Bingley was taken into state ownership. The French and Belgian governments rescued the Franco-Belgian financial services group, Dexia, with a package totalling more than $9bn (£5bn).
Its share price had fallen sharply following reports that it was seeking extra funds after governments bailed out its rival, Fortis.