President Bush Warns that Economy Needs Rescue Plan from Congress
U.S. President George W Bush has warned the US economy is at a "critical moment", and vowed to get his Wall Street rescue plan through Congress.
He said the consequences would be "painful and lasting" if the $700 billion deal rejected by the US House of Representatives was not passed.
Bush offered reassurances to citizens of the US and wider world that the current political deadlock would be resolved.
The New York stock market opened with prices up after Mr Bush's statement.
The Dow Jones index was about 2% higher in initial trading, rebounding from Monday's record losses.
Global shares have seen volatile trading since Monday's vote.
In Brussels, the European Union earlier urged Washington to live up to its special responsibility and demonstrate statesmanship to resolve the global credit crisis.
Bush said at the White House: "We are in an urgent situation and the consequences will grow worse each day if we do not act."
The economy was depending on "decisive action on the part of our government", he added.
He said he wanted to "assure our citizens and citizens around the world that this is not the end of the legislative process".
"Our country is not facing a choice between government action and the smooth functioning of the free market," he said.
"We're facing a choice between action and the real prospect of economic hardship for millions of Americans," he warned.
Published on September 30, 2008
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