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WASHINGTON (Dow Jones)–U.S. President George W. Bush vowed Tuesday that the
House’s rejection of financial-bailout legislation won’t end the administration’s
drive for a rescue plan, saying a bill is urgently needed to avoid dire
consequences for the U.S. economy.

“As much as we might wish the situation were different, our country is now facing
a choice between government action and the smooth functioning of the free
market,” Bush said in a statement from the White House. “We’re facing the choice
between action and the real prospect of economic hardship for millions of
Americans.”

Bush said his administration will continue working with members of both parties
on Capitol Hill, including talks Tuesday on how to advance legislation when
lawmakers return Wednesday.

“For the financial security of every American, Congress must act,” Bush said.

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Technorati Tags: Act, American Congress, Bush Administration, Capitol Hill, Consequences, Critical Moment, Dow Jones, Economic Hardship, Economy, Financial Bailout, Financial Security, George Bush, George W Bush, Government Action, Lawmakers, Legislation, President Bush, President George W Bush, Rejection, White House