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| Version 4 | Version 5 |
|---|---|
| Bail-out 'vital to easing crisis' | Bail-out 'vital to easing crisis' |
| (about 2 hours 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. |
| The two men will attend a meeting with administration officials and congressional representatives on Thursday morning in the US capital in a bid to broker a mutually acceptable bail-out deal. | The two men will attend a meeting with administration officials and congressional representatives on Thursday morning in the US capital in a bid to broker a mutually acceptable bail-out deal. |
| 'Distressing scenario' | '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. |
| Major sectors of America's financial system were at risk of shutting down, he said, and without action a "distressing scenario" would unfold. | Major sectors of America's financial system were at risk of shutting down, he said, and without action a "distressing scenario" would unfold. |
| George Bush warned that major sections of the financial system were at risk | George Bush warned that major sections of the financial system were at risk |
| 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. | 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". | 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. | "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' | '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. |
| Given the situation we're facing, not passing a bill now will cost these Americans much more later US President George W Bush href="/1/hi/world/americas/7634877.stm">Dire warnings from US leader | |
| 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. |
| The two men did, however, call for a bipartisan approach on the bail-out. | 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 late on Wednesday. | "This is a time to rise above politics for the good of the country," they said in a joint statement late on Wednesday. |