U.S. President George Bush says the government's financial rescue plan will "act as grease for the gears" of a system at risk of grinding to a halt.
The president spoke at the White House Friday, flanked by the country's top financial officials, Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and Securities and Exchange Commission Chairman Christopher Cox.
Mr. Bush said the financial crisis has eroded confidence and "frozen" the country's financial system, making government intervention essential. He called on lawmakers to cross party lines and approve a bailout plan as quickly as possible.
Top lawmakers agree they must move quickly. But the chairman of the Senate Banking Committee, Democrat Christopher Dodd, says lawmakers have not yet received any details on the plan.
Treasury Secretary Henry Paulson has promised to work with lawmakers to
craft the necessary legislation. He said he hopes Congress will approve
the plan next week.