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US rivals in economy crisis talks | US rivals in economy crisis talks |
(39 minutes later) | |
Presidential candidates John McCain and Barack Obama are due to meet President George W Bush at the White House for emergency talks on the economy. | Presidential candidates John McCain and Barack Obama are due to meet President George W Bush at the White House for emergency talks on the economy. |
Mr Bush has warned that the entire economy is in danger, and that failure to act now would cost more later. | Mr Bush has warned that the entire economy is in danger, and that failure to act now would cost more later. |
He has been pushing for Congress to pass a $700bn (£378bn) rescue package to bail-out the financial markets. | He has been pushing for Congress to pass a $700bn (£378bn) rescue package to bail-out the financial markets. |
Mr McCain has suspended his campaign over the crisis, but Mr Obama says voters need to hear from candidates. | Mr McCain has suspended his campaign over the crisis, but Mr Obama says voters need to hear from candidates. |
WORLD ECONOMY ON THE BRINK? Watch a debate tonight from 2000BST/1900GMT on the BBC's News Channel, BBC World News and online class="" href="/1/hi/business/7635388.stm">World economy on the brink? | |
The two men will attend a meeting with administration officials and congressional representatives on Thursday at 1400 GMT in an attempt to broker a mutually acceptable bail-out deal. | The two men will attend a meeting with administration officials and congressional representatives on Thursday at 1400 GMT in an attempt to broker a mutually acceptable bail-out deal. |
In a joint statement, they described the the Bush administration's planned bail-out plan as "flawed", but said efforts to protect the economy must not fail. | In a joint statement, they described the the Bush administration's planned bail-out plan as "flawed", but said efforts to protect the economy must not fail. |
"This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe," they said. | "This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe," they said. |
JUSTIN WEBB'S AMERICA For McCain to go on television with his dramatic statement but not mention that Obama had called him earlier in the day was simply bizarre href="http://www.bbc.co.uk/blogs/thereporters/justinwebb/">Read Justin's thoughts in full Meanwhile, the two rivals have disagreed on delaying a TV debate over the economic turmoil. | |
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. |
'Excesses on Wall Street' | 'Excesses on Wall Street' |
Mr Bush made a televised address to the nation on the economy on Wednesday evening. | Mr Bush made a televised address to the nation on the economy on Wednesday evening. |
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. |
His administration is calling on Congress to approve the proposed 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 the proposed 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 home-owners as well as Wall Street, and be subject to adequate oversight. | They want assurances that it will benefit 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. |