President Bush expressed his anxiety over the country’s economic situation on Wednesday. According to him, US economy is facing a dangerous situation with rising home loan foreclosures, businesses closing down, people not able to hold on to their retirement savings and employees losing jobs. A rescue plan on a massive scale is urgently required, he said.
In a prime time address which lasted for twelve minutes from the East Room of the White House, President Bush said unless immediate action is taken by the Congress, financial chaos and a long and painful recession in America will become unavoidable spiraling the country towards a distressed scenario. He also emphatically said that something should be done to ensure this does not happen.
Bush administration requested the Congress last weekend to approve a $700 billion bailout which invited reservations and skepticism from his own Republican Party conservatives who are opposing the increasing intervention of the private sector. Bush has had to deal with the demands from both right and left and accept changes on an everyday basis.
Bush, in a bid to pacify the conservatives explained that this move was not to benefit any individual company. He also promised Democrats that CEOs of companies will not be benefited in any way and he will also not hesitate in drawing the line at regulations which are aimed at slowing down the growth of US economy.
With a possibility of more banks failing and stock market falling further, Bush said lawmakers must rise to the occasion to face this moment of great challenge.
