By
Associated Press
.
Published: Thu, September 25, 2008 - 2:35 am
Last Updated: Thu, September 25, 2008 - 2:38 am
WASHINGTON (AP) - In a televised address, President Bush haswarned that the "entire economy is in danger" if a 700-billion
dollar plan to rescue shaky financial firms isn't approved quickly.
Bush warned that failure to act could result in wiped-out
retirement savings, rising home foreclosures, lost jobs and closed
businesses. He also said there could be "financial panic" if the
crisis isn't solved.
Bush stressed that he was reluctant to put taxpayer money on the
line to help businesses that had made bad decisions and that the
rescue is not aimed at saving individual companies.
The president took to the airways because his plan has met with
skepticism from Democrats and Republicans.
Bush also said in the 12-minute speech from the White House East
Room, that he has invited Barack Obama and John McCain to attend a
Thursday meeting with congressional leaders going over the
administration plan.
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