President Bush will address Americans directly about the financial crisis tonight at 9 p.m. ET, and his spokeswoman said Wednesday the nation risks "calamity" without bold action.
A meltdown among several financial institutions and intense negotiations with Congress over a rescue package the administration has requested led the president to return to Washington early Wednesday from a three-day stay in New York. He canceled a planned trip to Florida, where he had been scheduled to raise campaign cash for Republican candidates later in the day.
“This is a huge moment for America and if we don’t take decisive and bold action, we could be facing financial calamity,” White House press secretary Dana Perino told reporters traveling on Bush’s plane.
Well, that's the end of that bailout plan. President 19% isn't going to be persuading anybody. And the worst nightmare for John McCain is having George Bush on the teevee for an extended period of time so that every American watching can remember who's responsible for where we are right now.
...Bush could go ahead and answer this question:
So where did the $700 billion number come from?
Sec. Paulson told congress yesterday that the plan was to spend roughly 50 billion a month,
Sen. Schumer asked: why not $150 billion then, and let the next administration do a re-evaluation in January? No real answer.