Bush summons Obama, McCain for crisis economy talks
US: Warning "our entire economy is in danger," US President
George W. Bush called unprecedented emergency talks yersterday with the
two men vying to succeed him, John McCain and Barack Obama.
Bush announced his summit with the presidential candidates and
congressional leaders in a prime-time televised speech Wednesday seeking
public support for his 700-billion-dollar Wall Street rescue plan.
"We're in the midst of a serious financial crisis," Bush said in his
13-minute speech from the White House, after angry legislators on
Capitol Hill declared the shock proposal dead on arrival.
"Without immediate action by Congress, America could slip into a
financial panic," the president said. "Ultimately, our country could
experience a long and painful recession."
Six weeks before the November 4 elections, and four months before he
hands the battered US economy to a new president, Bush said inaction
could wipe out banks, empty retirement nest eggs, send home values into
freefall, and create millions of new jobless.
"We must not let this happen," he said.
Citing a rare "spirit of cooperation," Bush said he was inviting
McCain, Obama, and senior Democratic and Republican leaders from the
House and Senate for a 3:55 pm (1955 GMT) meeting at the White House.
Bush invited Obama in a personal telephone call 90 minutes before his
speech Wednesday, the White House said. The Democrat's chief spokesman,
Bill Burton, confirmed in a statement that the Illinois senator would
attend.
Opinion polls show the US public is angry at Wall Street but deeply
divided about a remedy, with many ready to blame Bush and his Republican
party which itself has fissured over the plan amid fierce objections
from conservatives.
WASHINGTON, Thursday, AFP
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