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
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.