Bush makes new plea to congress for $700 billion bailout on 100 Mortgages

President Bush pleaded with Congress again today to pass the $700 billion reuse package, this is the second plea from Mr Bush to Congress within 24 hours, frantically behind the scenes talks were going on in the White house as to what to do next to stop America going into recession.

But as the President of the United States continues his plea’s to the House of Representatives it’s clear that his presidential influence is fading.

Republican congressmen voted more than two to one yesterday against the $700 billion bailout which some have said was a massive rebellion.

Mr Bush has warned the American people that the damage to the US economy will be long and lasting without the rescue plan. Leaders of both parties and the US Treasury Secretary Henry Paulson fought over the aftermath of Monday’s vote, playing the blame game after the bill’s 228 to 205 defeat.

It’s said that tomorrow could see the Senate voting on the bill, in hope of increasing pressure on the Congress to pass the follow suit and pass the bill, however no decision has been made yet as where the US government will go from this latest shock to the financial system.

Read the full article: Timesonline

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