US President assures progress on rescue package

President Bush and Senate leaders of both parties vowed on Tuesday to work toward quick approval of a financial bailout plan despite the House's rejection of a $700 billion proposal that the White House had negotiated with Congressional leaders of both parties.

"We are at a critical moment for our economy," the President said. "Congress must act."

Senators Harry Reid of Nevada, the Democratic majority leader, and Mitch McConnell of Kentucky, the Republican minority leader, echoed the President's determination on Tuesday.

"We are committed to keeping the progress on this rescue package moving forward," Reid said.

"In the coming days, I will continue doing everything possible to see that this dire and avoidable financial crisis has the best possible outcome."

McConnell also predicted that Congress would pass rescue legislation.

New York Times