This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/world/americas/7644265.stm
The article has changed 18 times. There is an RSS feed of changes available.
Version 2 | Version 3 |
---|---|
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. |
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: "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 a 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. |
For the second time in as many days on Tuesday, western European governments stepped in to prop up an ailing financial institution. | For the second time in as many days on Tuesday, western European governments stepped in to prop up an ailing financial institution. |
The French and Belgian governments rescued the Franco-Belgian financial services group, Dexia, with a package totalling more than $9bn (£5bn). | 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. | Its share price had fallen sharply following reports that it was seeking extra funds after governments bailed out its rival, Fortis. |
As Dexia's chairman and chief executive both quit, French President Nicolas Sarkozy met banking leaders, urging them to keep their credit lines open to businesses. |