Warning “our entire economy is in danger,” US President George W. Bush called unprecedented crisis talks yesterday with White House rivals Republican Senator John McCain and Democratic Senator Barack Obama and congressional leaders.
Bush announced the summit in a prime-time televised speech on Wednesday seeking public support for his US$700 billion Wall Street rescue plan and to pile pressure on angry lawmakers who declared the shock proposal dead on arrival.
“We’re in the midst of a serious financial crisis,” Bush said in his 13-minute speech at the White House.
“Without immediate action by Congress, America could slip into a financial panic,” the vastly unpopular president said. “Ultimately, our country could experience a long and painful recession.”
Bush said inaction could wipe out banks, threaten retirement nest eggs, send home values into freefall, foreclosures skyrocketing and create millions of new jobless.
“We must not let this happen,” urged the president, who said a rare “spirit of cooperation” in Washington in the face of the crisis had led him to invite McCain, Obama and top House and Senate leaders of both parties to the White House.
Bush had invited Obama in a personal telephone call 90 minutes before his speech, the White House said. The Democrat’s chief spokesman, Bill Burton, confirmed in a statement that the Illinois senator would attend.
“We will discuss the progress we have made to improve the administration’s deeply flawed plan to address this unprecedented crisis,” Democratic Senate Majority Leader Harry Reid said in a statement.
“As I have said throughout, tomorrow’s meeting and future deliberations must be focused on solutions, not photo ops,” Reid said, after other Democrats mocked McCain’s decision to suspend his campaign over the crisis as a gimmick.
Opinion polls show the US public is angry at Wall Street but deeply divided about a remedy, with many ready to blame Bush and his Republican party — which itself has fissured over the plan amid fierce objections from conservatives.
They have expressed dismay over the massive government involvement in the economy, while Bush’s Democratic foes have pushed for government oversight and stronger consumer protections. Both sides have balked at the price tag.
Speaking to his angry allies, Bush said: “I faced a choice, to step in with dramatic government action or to stand back and allow the irresponsible actions of some to undermine the financial security of all.”
Addressing suspicious Democrats, he promised that reckless executives would not reap a “windfall” from taxpayer funds.
He also said he recognized the package would “present a tough vote,” saying “it is difficult to pass a bill that commits so much of the taxpayers’ hard-earned money.”
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