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Bush to speak on bail-out debate | Bush to speak on bail-out debate |
(40 minutes later) | |
US President George W Bush is due to address the nation shortly, amid more wrangling in Congress over a $700bn (£378bn) bail-out of financial markets. | US President George W Bush is due to address the nation shortly, amid more wrangling in Congress over a $700bn (£378bn) bail-out of financial markets. |
He will call for support for the rescue plan, which is dominating US politics. | He will call for support for the rescue plan, which is dominating US politics. |
Mr Bush has also invited Republican and Democratic presidential candidates John McCain and Barack Obama to the White House on Thursday to discuss the deal. | |
On Wednesday the two campaign rivals disagreed on delaying a TV debate over the economic turmoil. | |
Mr McCain says he is suspending his campaign to help with the crisis, but Mr Obama says voters now need to hear from the candidates more than ever. | Mr McCain says he is suspending his campaign to help with the crisis, but Mr Obama says voters now need to hear from the candidates more than ever. |
In a joint statement, the two candidates said that all parties should co-operate to avoid an "economic catastrophe". | |
Mr Bush will make his televised address at 2100 EDT (0100 GMT). | Mr Bush will make his televised address at 2100 EDT (0100 GMT). |
His administration is calling on Congress to approve the costly bail-out - under which the Treasury would use public money to buy bad debt from troubled financial institutions - as soon as possible to prevent further harm to the economy. | His administration is calling on Congress to approve the costly bail-out - under which the Treasury would use public money to buy bad debt from troubled financial institutions - as soon as possible to prevent further harm to the economy. |
But lawmakers from both the Democratic and Republican parties have voiced doubts about the plan and the speed at which they are being asked to approve it. | But lawmakers from both the Democratic and Republican parties have voiced doubts about the plan and the speed at which they are being asked to approve it. |
They want assurances that it will benefit ordinary American home-owners as well as Wall Street, and be subject to adequate oversight. | They want assurances that it will benefit ordinary American home-owners as well as Wall Street, and be subject to adequate oversight. |
Debate row | Debate row |
Both of the candidates in November's presidential election have been speaking out on the issue. | Both of the candidates in November's presidential election have been speaking out on the issue. |
Mr McCain, the Republican candidate, said he was suspending his campaign to return to Washington to help agree a deal, saying he feared the rescue package would not pass "as it currently stands". | Mr McCain, the Republican candidate, said he was suspending his campaign to return to Washington to help agree a deal, saying he feared the rescue package would not pass "as it currently stands". |
He also called for his first presidential debate with Democratic candidate Barack Obama on Friday to be suspended - something Mr Obama did not support. | He also called for his first presidential debate with Democratic candidate Barack Obama on Friday to be suspended - something Mr Obama did not support. |
Americans needed to "hear from the person who in approximately 40 days will be responsible for dealing with this mess", Mr Obama told journalists. | Americans needed to "hear from the person who in approximately 40 days will be responsible for dealing with this mess", Mr Obama told journalists. |
Both candidates have, however, called for a bipartisan approach to passing a bail-out deal. | Both candidates have, however, called for a bipartisan approach to passing a bail-out deal. |
Earlier in the day US Federal Reserve chief Ben Bernanke said the US economy risked "serious consequences" if swift action was not taken. | Earlier in the day US Federal Reserve chief Ben Bernanke said the US economy risked "serious consequences" if swift action was not taken. |