US President George W. Bush has warned Americans and lawmakers that U.S. economy is in danger. “Our entire economy is in danger,” Bush said. “Without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold."
Bush gave this serious timely warning at a special prime-time TV address on American economy he gave to the nation at 9 P.M. EDT on Wednesday evening or September 24 after hurrying back to the White House from the UN headquarters in New York.
In his 12-minute prime-time address from the White House East Room, he warned the entire U.S. economy of a risk of sinking into a prolonged recession, and called for bipartisan cooperation in Congress to pass as soon as possible a $700 billion financial rescue or bailout plan.
This is President George W. Bush’s first-ever speech to the nation in a period of over a year, in which he sounded his most stern warning yet on the deepening US financial crisis and the American economic situation.
The bailout plan proposed by the Bush administration is awaiting ratification by Congress despite consensuses or common understanding reached by U.S. leaders, and there are still quite a number of lawmakers or Congressmen from both Republican and Democratic parties object to the bailout plan. This has cast a grim "shadow" or slur on the stark question -- whether the plan can get passed or approved.
President Bush spoke to Americans on need for the bailout plan. He particularly underscored that the bailout plan was not for protecting individual companies and trades or professions, but designed to protect the whole American economy; and the rescue package could help Americans get loans to meet their daily needs and create job opportunities; it would also help send to the global market a message, that is, the U.S. financial system is resuming normal operation.
Meanwhile, President Bush conceded some passive results the bailout plan may produce which could let Congress people feel difficult to vote on. Nevertheless, he said, major unforeseen events have brought about a disruption to the normal function of financial markets with an ensuing loss of market confidence, and most part of the financial system now is confronted with a danger of halting operation or performance.
If the US government does not resort to prompt actions and Congress does not approve its bailout plan, or “without immediate action by Congress”, he admonished, “America could slip into a financial panic and a distressing scenario would unfold”, more enterprises would close down and millions of Americans would lose their jobs.
Meanwhile, Bush invited both presidential candidates -- Democratic Senator Barack Obama and Republican Senator John McCain -- to a meeting at the White House on Thursday with Congressional leaders to discuss solutions to the financial crisis.
President Bush also called on the Republicans and Democrats to join hands and make concerted efforts to tide over difficulties. Bush once again asked Congress to take measures for a strict control over capital markets headed by the Wall Street, so as to ensure the sound, healthy development of U.S. economy.
By People’s Daily Online and its author is PD resident reporter in U.S. Ma Xiaoning
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