U.S. congressional leaders are voting this week on a controversial bailout packaged designed to rescue the U.S. financial sector from risky mortgage debt.
U.S. President George W. Bush said the $700 billion package is needed to calm the teetering financial system.
"I'm confident that this rescue plan, along with other measures taken by the Treasury Department and the Federal Reserve will begin to restore strength and stability to America's financial system and overall economy," Bush said in a statement from the White House on Monday morning.
"Every member of Congress and every American should keep in mind a vote for this bill is a vote to prevent economic damage to you and your community," the president said.
The U.S. House of Representatives voted 220-198 to move the $700-billion package forward on Monday, approving the rules for its consideration in the chamber, including three hours of general debate, with its final vote expected by the end of the day.
The U.S. Senate was set to vote on the package on Wednesday.
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U.S. President George W. Bush said the $700 billion package is needed to calm the teetering financial system.
"I'm confident that this rescue plan, along with other measures taken by the Treasury Department and the Federal Reserve will begin to restore strength and stability to America's financial system and overall economy," Bush said in a statement from the White House on Monday morning.
"Every member of Congress and every American should keep in mind a vote for this bill is a vote to prevent economic damage to you and your community," the president said.
The U.S. House of Representatives voted 220-198 to move the $700-billion package forward on Monday, approving the rules for its consideration in the chamber, including three hours of general debate, with its final vote expected by the end of the day.
The U.S. Senate was set to vote on the package on Wednesday.
FULL STORY
Does the recent market turmoil have any impact on your retirement plans? Tell us your story.
More...