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Bail-out 'vital to easing crisis' Bail-out 'vital to easing crisis'
(10 minutes later)
Americans must support a massive bail-out of financial markets to ease a "serious financial crisis", US President George W Bush has said.Americans must support a massive bail-out of financial markets to ease a "serious financial crisis", US President George W Bush has said.
The entire economy was in danger, he said in a live TV speech, and failure to act now would cost more later.The entire economy was in danger, he said in a live TV speech, and failure to act now would cost more later.
He has invited presidential rivals John McCain and Barack Obama to the White House on Thursday to discuss the $700bn (£378bn) rescue package.He has invited presidential rivals John McCain and Barack Obama to the White House on Thursday to discuss the $700bn (£378bn) rescue package.
The rivals have disagreed on delaying a TV debate over the economic turmoil.The rivals have 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.
Wrangling 'Distressing scenario'
Mr Bush made his comments in an evening address to the nation.Mr Bush made his comments in an evening address to the nation.
His administration is calling on Congress to approve a 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. Major sectors of America's financial system were at risk of shutting down, he said, and without action a "distressing scenario" would unfold.
His administration is calling on Congress to approve a costly bail-out - under which the Treasury would use public money to buy bad debt from troubled financial institutions - as soon as possible.
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.
Mr Bush said he understood the frustration of "responsible Americans" who "are reluctant to pay the costs of excesses on Wall Street".
"But given the situation we're facing, not passing a bill now will cost these Americans much more later," he said, calling for a bipartisan commission to oversee the plan.
'Rise above politics'
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 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 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 Mr Obama on Friday to be suspended - something Mr Obama did not support.He also called for his first presidential debate with Mr 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. The two men did, however, call for a bipartisan approach on the bail-out.
"This is a time to rise above politics for the good of the country," they said in a joint statement. "This is a time to rise above politics for the good of the country," they said in a joint statement late on Wednesday.