Bush: ‘A moment of great challenge’

President Bush, in a primetime address to the nation, said the U.S. is facing “a moment of great challenge” but expressed confidence that the country’s elected officials “will rise to the occasion.” 

Bush, who had been criticized for not being involved enough in solving the problems of the financial markets, detailed how the economy had slid into its current crisis and what he believes needs to be done to get out of it.

{mosads}“We’re in the midst of a serious financial crisis, and the federal government is responding with decisive action,” the president said.

Bush added that the $700 billion bailout plan that his administration has proposed “is not aimed at preserving any individual company or industry. It is aimed at preserving America's overall economy.

“It will help American consumers and businesses get credit to meet their daily needs and create jobs,” Bush stated from the White House. “And it will help send a signal to markets around the world that America's financial system is back on track.”

The president also painted a dark picture of what would happen if a measure would not be passed quickly.

“The government’s top economic experts warn that, without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold,” Bush told the nation. “More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically.”

However, Bush expressed great confidence that the federal government would step up to the challenge.

“There is a spirit of cooperation between Democrats and Republicans and between Congress and this administration,” Bush stated, adding that he had invited congressional leaders and presidential nominees Sen. John McCain (R-Ariz.) and Sen. Barack Obama (D-Ill.) to the White House on Thursday to discuss the issue and work toward finding a solution.

“I know that Americans sometimes get discouraged by the tone in Washington and the seemingly endless partisan struggles, yet history has shown that, in times of real trial, elected officials rise to the occasion,” Bush said. “And together we will show the world once again what kind of country America is: a nation that tackles problems head on, where leaders come together to meet great tests, and where people of every background can work hard, develop their talents, and realize their dreams.

The president also stated that “in the long run, Americans have good reason to be confident in our economic strength.”