U.S. President George W. Bush on Thursday urged the House to approve the revised financial bailout plan late this week, saying the crisis in the financial markets "has gone way beyond New York and Wall Street."
"This is an issue that's affecting hardworking people," Bush told reporters after meeting with more than a dozen manufacturers and business owners from across the country.
"They're worried about their savings, they're worried about their jobs, they're worried about their houses, they're worried about their small businesses," he said.
"The House of Representatives must listen to these voices and get this bill passed so we can get about the business of restoring confidence," he added.
U.S. President George W. Bush speaks to business leaders about the Emergency Economic Stabilization Act of 2008 in the Executive Office Building of the White House complex in Washington, October 2, 2008. The House on Monday rejected the original financial rescue legislation, sending markets plunging around the globe.
Under the rescue bill, the federal government will be authorized to purchase these assets from banks and other financial institutions, which is expected to help free them to resume lending to businesses and consumers.
The new version approved by the Senate on Wednesday will raise federal deposit insurance limits to 250,000 dollars from 100,000 dollars per account, as suggested by the two White House hopefuls a day ago.
Another big change is the introduction of a 10-year, 150.5 billion dollars package of tax proposals, including measures to ease the bit of the so-called alternative minimum tax and R&D tax credits coveted by high-tech companies and drug makers.
The change in the bill were quantifiable, the initial proposal from the Treasury Department ran three pages, while the latest version exceeds 450.
As the shape of the new bill became clearer on Wednesday, some lawmakers in the House indicated that they might change their minds.
Representative John Shadegg of Arizona, who voted against the original bill on Monday, told a Phoenix radio station Wednesday that he'd be "inclined to vote for the bill" after the changes.
When asked if was ready to switch from no to yes, Representative Steve LaTourette reacted cautiously: "Not yet, but it's getting there."
Source:Xinhua
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