Bush Pushes Bailout: 'Our Entire Economy Is in Danger'

By John Johnson,  Newser Staff
Posted Sep 24, 2008 8:21 PM CDT
Treasury Secretary Henry Paulson, left, accompanied by Federal Reserve Chairman Ben Bernanke, testifies on Capitol Hill.   (AP Photo/Charles Dharapak)
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(Newser) – President Bush took to the prime-time airwaves tonight to warn that "our entire economy is in danger" and to push his administration's $700 billion plan to rescue it, CNN reports. "These are not normal circumstances," said Bush in explaining the need for sweeping government intervention. He said he understood Americans' reluctance to bail out the "excesses" of Wall Street but warned of a "long and painful recession" and "financial panic" if authorities take no action.

Bush invited John McCain, Barack Obama and congressional leaders to a White House meeting tomorrow to discuss the crisis. The two candidates accepted and also released a joint statement calling for both parties to work together on a solution or risk "financial catastrophe." Earlier, McCain said he would suspend his campaign tomorrow and pushed to delay Friday's debate. Obama says the debate is more important than ever.