Summary of U.S. financial bailout bill draft

    WASHINGTON, Sept. 30 (Xinhua) -- U.S. President George W. Bush warned Tuesday that the damage to the nation's economy will be "painful and lasting" if Congress fails to act to rescue markets.

U.S. President George W. Bush makes a statement about the economic bailout package from the White House in Washington Sept. 29, 2008.(Xinhua/Reuters Photo) Photo Gallery>>>

    "The reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act," Bush said at the White House.

    His remarks came a day after the U.S. House of Representatives voted narrowly to reject the 700-billion-dollar financial rescue bill that the Bush administration and leading members of Congress had agreed was necessary.

    "We are at a critical moment for our economy and we need legislation that decisively addresses the troubled assets now clogging the financial system, helps lender resume the flow of credit to consumers and businesses, and allows the American economy to get moving again," said the president.

    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.

    Bush said that the U.S. economy "is depending on decisive action from the government." "The sooner we address the problem, the sooner we can get back on the path of growth and job creation," he said.

    "I'm confident we'll deliver," he added.

    The president said that he acknowledges that this is a difficult vote for members of Congress and that many are uncomfortable with what's transpiring in the economy.

    But if no action is taken, "the economic damage will be painful and lasting," he said.

    "We're facing a choice between action and the real prospect of economic hardship for millions of Americans," Bush noted. "For the financial security of many Americans, Congress must act."

McCain, Obama react differently to failed bailout bill

Republican presidential nominee Senator John McCain (L) and Democratic presidential nominee Senator Barack Obama stand together onstage after the first U.S. presidential debate in Oxford, Mississippi, September 26, 2008. (Xinhua/Reuters Photo) Photo Gallery>>>

    WASHINGTON, Sept. 30 (Xinhua) -- U.S. presidential candidates John McCain and Barack Obama reacted in different ways to Monday's failure of the bailout bill in the House, the U.S. News and World Report reported Tuesday.

    Republican McCain took credit for positive changes he said were made to the bill while blaming its defeat on Obama and his fellow Democrats. Full story

U.S. politicians scramble to find way to avoid economic calamity

    WASHINGTON, Sept. 29 (Xinhua) -- The White House and Congress on Monday scrambled to figure out the next move to avoid economic calamity after the House of Representatives rejected a 700 billion dollar bailout legislation earlier in the day.

    The failure of the proposal on a 228-205 vote sent stock markets into a nosedive. The Dow Jones industrial average closed down 777.68 points, recording a fall of nearly 7 percent -- its largest closing point drop in history. Full story

U.S. House rejects financial rescue bill despite White House's strong pressure

Treasury Secretary Henry Paulson speaks after a meeting with U.S. President George W. Bush House at the White House in Washington Sept. 29, 2008. (Xinhua/Reuters Photo) Photo Gallery>>>

    WASHINGTON, Sept. 29 (Xinhua) -- The U.S. House of Representatives rejected Monday the 700-billion-dollar financial rescue legislation, which Bush Administration said is "urgently needed to address a crisis in our financial system that threatens the entire U.S. economy."

    The bill was rejected by a vote of 228-205. Leaders in the House said they might reconsider the bill on Thursday, as the Senate had planned a vote on the measure on Wednesday. Full story

Bush disappointed at rejection of bailout plan

    WASHINGTON, Sept. 29 (Xinhua) -- U.S. President George W. Bush said on Monday he was disappointed at the House's rejection of the 700 billion U.S. dollar bailout plan, vowing to "address this economic situation head on."

    "I'm disappointed in the vote by the United Sates Congress on the economic recovery plan," Bush told reporters at the White House. He met with Treasury Secretary Henry Paulson and other top advisers after the failure in the House. Full story

U.S. gov't vows to use "all tools" to protect economy

    WASHINGTON, Sept. 29 (Xinhua) -- The U.S. government will use "all tools at our disposal" to protect the U.S. financial markets and the economy, said a Treasury spokeswoman on Sunday after the House rejected the bailout plan.

    Treasury Secretary Henry Paulson, an advocate of the rescue plan, "will be consulting with the president, the chairman of the Federal Reserve, and congressional leaders on next steps," said Treasury spokeswoman Michele Davi. Full story

U.S. lawmakers reach deal on $700 bln bailout package

US House Minority Leader John Boehner (R-OH) (C) talks with reporters about progress with congressional negotiators working on a bailout package for the current financial and banking crisis, at the US Capitol in Washington, September 27, 2008. (Xinhua/Reuters Photo) Photo Gallery>>>

    WASHINGTON, Sept. 28 (Xinhua) -- U.S. lawmakers agreed on details of the Bush Administration's 700 billion dollar bailout bill on Sunday, authorizing the U.S. government the largest financial intervention since the Great Depression but awaiting the Congress approval.

    Under the plan, the government could get 250 billion dollars immediately, 100 billion dollars more if the president certified it was necessary, and the last 350 billion dollars with a separate certification and subject to a congressional resolution of disapproval. Full story

[1] [2] [3] [4]