Bush Confident Bailout Bill Will Stabilize Economy
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WASHINGTON — President Bush is urging lawmakers to pass the compromise financial system bailout bill they fashioned in marathon weekend bargaining, saying it is needed to “keep the crisis in our financial industry from spreading” across the economy.
Mr. Bush made the statement at the White House this morning, seeking to assure Americans that approving his administration’s $700 billion rescue plan is the right thing to do.
He spoke amid continued nervousness in financial markets at home and overseas.
Mr. Bush argued that jittery American taxpayers will benefit from a number of safeguards that lawmakers wrote into the pending legislation during weekend negotiations on Capitol Hill.
