September 30, 2008

ONE FOR ALL...:

Candidates, Bush urge reviving financial bailout (JIM KUHNHENN, 9/30/08, Associated Press)

President Bush warned Tuesday that failing to pass a financial rescue plan would bring severe consequences to the U.S. economy. "Congress must act," he declared in an appeal that John McCain and Barack Obama echoed.

McCain and Obama separately urged Congress to redouble efforts to get a deal through and both proposed increasing federal deposit insurance to $250,000, as a key part of it. Both McCain and Obama called and spoke to the president on Tuesday, a White House official said. [...]

Bush noted that the maximum $700 billion in the proposed bailout was huge, but was dwarfed by the $1 trillion in lost wealth that resulted from Monday's stock-market plunge.

"Because the government would be purchasing troubled assets and selling them once the market recovers," he said, "it is likely that many of the assets would go up in value over time. Ultimately, we expect that much - if not all - of the tax dollars we invest will be paid back."

Posted by Orrin Judd at September 30, 2008 9:52 AM
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