Bush Confident Bailout Bill Will Stabilize Economy

Bush Confident Bailout Bill Will Stabilize Economy

Last Edited: Monday, 29 Sep 2008, 11:37 AM MST
Created: Monday, 29 Sep 2008, 6:08 AM MST
By JULIE HIRSCHFELD DAVIS
Associated Press Writer


WASHINGTON -- Key supporters of a Wall Street bailout package prodded lawmakers to approve the plan hours ahead of a difficult House vote on Monday, with President Bush saying it is needed to "keep the crisis in our financial system from spreading throughout our economy."

"Every member of Congress and every American should keep in mind that a vote for this bill is a vote to prevent economic damage to you and your community," said Bush, fully aware that congressional passage of the $700 billion compromise legislation is far from assured.

"With this strong and decisive legislation," he said, "we will help restart the flow of credit so American families can meet their daily needs and American businesses can make purchases, ship goods and meet their payrolls."

The package cleared a key procedural hurdle on the House floor Monday morning with a 220-198 vote to move it to three hours of general debate and a final vote, likely by midday or early afternoon.



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