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Bush Warns Economy at Risk; Urges Action


U.S. President George Bush says the nation's entire economy is at risk, and Congress needs to approve a $700 billion financial rescue plan.

In a nationally televised address Wednesday night, Mr. Bush said his administration is taking decisive action and is working with Congress to address the financial crisis.

Mr. Bush also said action is needed to prevent a long, and painful recession.

He acknowledged that the expensive bailout package is a "tough vote" for many members of Congress, but said failure to act would cause more severe problems later.

Mr. Bush also said he has invited Republican presidential nominee John McCain and Democratic nominee Barack Obama to a meeting with Congressional leaders Thursday in Washington to discuss the issue.