Bush Urges Congress to Pass Bailout, Stocks Higher - KCBD NewsChannel 11 Lubbock


Bush Urges Congress to Pass Bailout, Stocks Higher

Bernanke urging quick action on financial bailout

Federal Reserve Chairman Ben Bernanke is urging Congress to quickly pass a 700 billion-dollar financial bailout, warning that letting problems persist would have dire consquences for the national economy.

Bernanke is making the assertion in remarks prepared for his appearance before the Senate Banking Committee. He said, "If financial conditions fail to imporve for a protracted period, the implications for the broader economy could be quite adverse."

Bush confident Congress will quickly pass bailout

President Bush says he is confident that Congress will pass a 700 billion-dollar bailout bill to deal with the financial meltdown that has shaken the global economy.

Bush is in New York talking with world leaders before addressing the U.N. General Assembly today.

He says he has been asked frequently about the U.S. financial problems. Bush says he assured the leaders that the financial package making its way through Congress is "a robust plan to deal with serious problems." He said there are ideas about how to change it, but that there is a desire to get a package done quickly.

Obama: Bailout likely to delay spending programs

Democratic presidential candidate Barack Obama says the prospect of a massive government bailout of the financial industry means that he probably would have to delay the spending programs he has called for during his campaign.

Obama said he would likely have to phase in those programs, telling NBC's "Today" show in an interview aired today that the nation's tax revenues would play a role in any budget decisions. The Illinois senator has proposed ambitious and expensive initiatives aimed at health care, education, energy and other concerns.

He wouldn't say what proposals might be delayed first. Obama issued a new TV ad that claims Republican rival John McCain protected tax breaks for corporations that hide profits offshore.

Clinton says taxpayers need protection

Senator Hillary Clinton says she worries taxpayers could be left "holding the bag" with plans for a 700 billion dollar government program to stabilize the country's distressed financial markets.

Interviewed on "The Early Show," on CBS, Clinton says she agrees the situation is critical and that something must be done quickly. She says "the house is on fire and we've got to call the fire department and put the fire out." But Clinton also says Congress should not "give the Treasury a blank check" to straighten out the problem.

Source: Associated Press

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