(29 Sep 2008) SHOTLIST
1. United States President George W. Bush walking up to the podium
2. SOUNDBITE (English) George W. Bush, US President:
"Good morning, yesterday leaders here in Washington reached an extraordinary agreement to deal with an extraordinary problem in our economy. Working closely with my administration, congressional leaders from both parties produced the Emergency Economic Stabilisation Act. A bold bill, that will help keep the crisis in our financial system from spreading throughout our economy. This legislation deals with complex issues and negotiators were asked to address them in a very short period of time. I appreciate the leadership of members on both sides of the aisle, who came together when our nation was counting on them. The negotiations were sometimes difficult but the hard work and cooperation paid off. The bipartisan economic rescue plan addresses the root cause of the financial crisis. The assets related to home mortgages that have lost value during the housing decline. Under the Emergency Economic Stabilisation Act the federal government will be authorised to purchase these assets from banks and other financial institutions. Which will help free them to resume lending to businesses and consumers. The bill also includes other important ideas put forward by members of congress from both parties. For example, the bill requires the establishment of a guarantee programme that will ensure assets at no cost to the taxpayer. The bill provides strong bipartisan oversight, so Americans can be certain that their tax dollars are used carefully and wisely. The bill ensures that failed executives do not receive a windfall from your tax dollars. With this strong and decisive legislation 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. We'll make clear that the United States is serious about restoring confidence and stability in our financial system."
3. Bush walking away
4. Wide of acting speaker, New York congressman Michael McNulty entering congress
5. McNulty hammers gavel UPSOUND: (English) "The house will be in order. The chair lays before the house a communication from the house speaker."
6. House chaplain reading prayer
7. Wide of congress
STORYLINE
Key supporters of a Wall Street bailout package prodded lawmakers to approve the plan hours ahead of a difficult congressional House vote on Monday, with President George W. Bush saying it was needed to "keep the crisis in our financial system from spreading throughout our economy."
Analysts said the approval of the 700 (b) billion US dollar compromise legislation is far from assured, despite President Bush's claims that the package would address the "root cause of the financial crisis".
"With this strong and decisive legislation," Bush told reporters at a news conference at the White House on Monday.
"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," he said.
Bush praised both Democrats and Republicans for their work on the package claiming they "came together when our nation was counting on them."
However lawmakers in both parties, many of whom are facing re-election, are particularly nervous about embracing such a costly plan, proposed by a deeply unpopular president, that would benefit perhaps the most publicly detested of all: companies that got rich off bad bets.
However, the government would have broad discretion to decide how to implement both.
Find out more about AP Archive: [ Ссылка ]
Twitter: [ Ссылка ]
Facebook: [ Ссылка ]
Instagram: [ Ссылка ]
You can license this story through AP Archive: [ Ссылка ]
