Bush: Congress 'must act' to pass bill

Despite his disappointment with Monday’s failed vote on the emergency-bailout bill, President Bush vowed to continue to push hard to get a financial rescue bill passed. “Producing legislation is complicated, and it can be contentious,” he told reporters at a press conference this morning, “It matters little what path a bill takes to become law. What matters is that we get a law.” Calling this a “critical moment for our economy” Mr. Bush said the country desperately needs legislation to address the troubled assets clogging the financial system. Such legislation will help resume the flow of credit to consumers and businesses and kick-start the economy, he said. “Congress must act,” Mr. Bush said. The Emergency Economic Stabilization Act of 2008 would allow the government to spend up to $700 billion buying up bad loans and mortgage-related assets. Mr. Bush downplayed the large number, saying the rescue package would ultimately cost far less than that amount. “The government would be purchasing troubled assets and selling them once the market recovers,” he said. “It is likely many of the assets would go up in value over time, and ultimately, we expected much — if not all — of the tax dollars we invest will be paid back.” Mr. Bush sympathized with members of Congress who were reluctant to vote for the legislation. “Many of them don’t like the fact that our economy has reached this point, but the reality is, we’re in an urgent situation, and the consequences will grow worse each day if we do not act.” Monday’s 777-point drop in the Dow Jones Industrial Average “will have direct impact on the retirement accounts, pension funds and personal savings of millions of our citizens,” Mr. Bush said, adding that “the drop in the stock market yesterday represented more than $1 trillion dollars in losses.” He warned that if no rescue package is passed, the damage to the economy will be “painful and lasting.”