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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", and 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", and vowed to get his Wall Street rescue plan through Congress. |
He said the consequences would be "painful and lasting" if the $700bn (£380bn) deal rejected by the US House of Representatives was not passed. | He said the consequences would be "painful and lasting" if the $700bn (£380bn) deal rejected by the US House of Representatives was not passed. |
He offered reassurances to citizens of the US and wider world that the current political deadlock would be resolved. | He offered reassurances to citizens of the US and wider world that the current political deadlock would be resolved. |
The New York stock market opened with prices up after Mr Bush's statement. | The New York stock market opened with prices up after Mr Bush's statement. |
The Dow Jones index was about 2% higher in initial trading, rebounding from Monday's record losses. | The Dow Jones index was about 2% higher in initial trading, rebounding from Monday's record losses. |
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. |
'Not the end' | 'Not the end' |
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." |
The economy was depending on "decisive action on the part of our government", he added. | The economy was depending on "decisive action on the part of our government", he added. |
We're facing a choice between action and the real prospect of economic hardship for millions of Americans President Bush Where votes went in the billQ&A: US $700bn rescue planWorld reacts to US bail-out rejection He said he wanted to "assure our citizens and citizens around the world that this is not the end of the legislative process". | We're facing a choice between action and the real prospect of economic hardship for millions of Americans President Bush Where votes went in the billQ&A: US $700bn rescue planWorld reacts to US bail-out rejection He said he wanted to "assure our citizens and citizens around the world that this is not the end of the legislative process". |
"Our country is not facing a choice between government action and the smooth functioning of the free market," he said. | "Our country is not facing a choice between government action and the smooth functioning of the free market," he said. |
"We're facing a choice between action and the real prospect of economic hardship for millions of Americans," he warned. | "We're facing a choice between action and the real prospect of economic hardship for millions of Americans," he warned. |
Republican presidential contender John McCain said he was disappointed at the "lack of resolve" shown by both parties in the US House of Representatives. | Republican presidential contender John McCain said he was disappointed at the "lack of resolve" shown by both parties in the US House of Representatives. |
"The whole spectrum of Main Street America's economy is going to be jeopardised unless we pass this legislation. And we didn't do a good enough job selling it," Mr McCain told US television. | "The whole spectrum of Main Street America's economy is going to be jeopardised unless we pass this legislation. And we didn't do a good enough job selling it," Mr McCain told US television. |
He said he had called Mr Bush on Tuesday, as did his Democratic rival, Barack Obama. | He said he had called Mr Bush on Tuesday, as did his Democratic rival, Barack Obama. |
The White House candidates both backed lifting the limit on bank deposit insurance from the present $100,000 (£55,000) to $250,000 (£110,000) to prevent any run on commercial banks. | |
Blame claims | Blame claims |
The rivals back the rescue plan, although each has accused the other of contributing towards its collapse. | |
Republicans and Democrats are blaming each other over the failed rescue plan, which was rejected by 228 to 205 votes in the House of Representatives on Monday. | Republicans and Democrats are blaming each other over the failed rescue plan, which was rejected by 228 to 205 votes in the House of Representatives on Monday. |
Some 133 Republicans and 95 Democrats refused to back the rescue package in a tense vote on the House floor. | Some 133 Republicans and 95 Democrats refused to back the rescue package in a tense vote 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. |
HAVE YOUR SAYI know we need a strong financial sector, but where is the talk of structural change that's going to prevent recurrence?Neil, California, USSend us your comments | HAVE YOUR SAYI know we need a strong financial sector, but where is the talk of structural change that's going to prevent recurrence?Neil, California, USSend us your comments |
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. | 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. |