WASHINGTON (AP) - President Bush is urging lawmakers to pass the compromise financial system bailout bill they fashioned in marathon weekend bargaining, saying it is needed to "keep the crisis in our financial industry from spreading" across the economy.
Bush made the statement at the White House Monday morning, seeking to assure Americans that approving his administration's $700 billion rescue plan is the right thing to do.
He spoke amid continued nervousness in financial markets at home and overseas.
Bush argued that jittery U.S. taxpayers will benefit from a number of safeguards that lawmakers wrote into the pending legislation during weekend negotiations on Capitol Hill.
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Associated Press - September 29, 2008 11:43 AM ET
WASHINGTON (AP) - A House vote is coming up shortly on a Wall Street bailout package -- and it appears that people who don't like it are getting ready to vote for it anyway.
House Financial Services Committee chairman Barney Frank says it's a "tough vote" -- but one that's needed to head off a financial meltdown.
President Bush says without it, the crisis could spread "throughout our economy."