Tim Reid, Washington – President Bush today warned Americans and the US Congress that a failure to pass his $700 billion financial rescue package will trigger dire economic consequences, as frantic behind-the-scenes efforts continued to resurrect the plan after its stunning defeat on Capitol Hill yesterday.
Alex Spillius in Washington – Speaking at 8.45am from the White House, the US president urged Congress to pull together: We are facing the choice between action and economic hardship for millions of AmericansFor the financial security of every American Congress must act.
The reality is we are in an urgent situation and the consequences will grow worse each day if we do not act. If continue on this course the economic damage will be painful and lasting.
The blame game continued on both sides after the Bill’s 228 to 205 defeat.
It fell just 12 votes short of passage and whips from both parties are frantically twisting arms and cajoling members to find enough congressmen to change their minds, in the hope of bringing the bill up for another vote on Thursday.
Another proposal being discussed is to allow the Senate to vote on the Bill tomorrow, where its passage is more assured, in the hope of increasing pressure on the House to follow suit.