Bush Warns of ‘Long and Painful Recession’
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WASHINGTON — Pressing urgently for a massive financial bailout, President Bush says the nation faces a “long and painful recession” if Congress fails to act. He says “our entire economy is in danger.”
Speaking in dire terms, Mr. Bush pushed for a $700 billion government rescue plan during a prime-time address to the nation. His move was aimed at explaining the package to the American public, but also to keep pressure on frustrated and angry lawmakers to work out a bipartisan deal fast.
Mr. Bush said the goal is to help the government buy up troubled assets so that credit can start flowing again and the economy will rebound.
He said the rescue is aimed at helping the country, not individual companies.