World

Bail Out: Bush Tightens up the Thumbscrews

by Christina 123 | September 30, 2008 at 12:19 pm

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PRESIDENT George Bush has again applied pressure on Congressmen and lawmakers to agree a $700 billion bail-out without further delay with warnings of doom, as world leaders back him ip.

US President George W Bush has warned the US economy is at a "critical moment", and vowed to get his Wall Street rescue plan through Congress.
He said the consequences would be "painful and lasting" if the $700bn (£380bn) deal rejected by the US House of Representatives was not passed.
He offered reassurances to citizens of the US and wider world that the current political deadlock would be resolved.
The New York stock market rallied strongly after Mr Bush's statement.
The Dow Jones index closed up 4.7%, recouping some losses from Monday's rout.
The European Union earlier urged Washington to act and solve the credit crisis, amid fears America was lurching towards a crisis unmatched since the 1930s Great Depression.
'Not the end'
Mr Bush said at the White House: "We are in an urgent situation and the consequences will grow worse each day if we do not act."