President Bush invited the presidential candidates to the White House for talks on the economic crisis and called on Americans to support the recovery plan.
AP - President Bush summoned Barack Obama, John McCain and legislative leaders to an extraordinary White House summit, warning Americans and Congress on Wednesday night that failing to act on a $700 billion financial industry bailout could lead to "a long and painful recession."
AP - President Bush said Wednesday that lawmakers risk a cascade of wiped-out retirement savings, rising home foreclosures, lost jobs and closed businesses if they fail to act on a massive financial rescue plan. "Our entire economy is in danger," he said.
AP - The economic crisis and raw politics threatened to derail the first presidential debate as John McCain challenged Barack Obama to delay Friday's event to work on the financial crisis. Obama rebuffed the plea, saying presidents need to "deal with more than one thing at once."
Presidential candidates Sen. John McCain -- who said Wednesday that he was suspending his campaign because of the nation's economic crisis -- and Sen. Barack Obama will meet Thursday with President Bush to discuss a proposed Wall Street bailout.
Saying that "our entire economy is in danger," President Bush told Americans tonight that passage of a $700 billion bailout plan is essential. A financial panic could occur if action is not taken, Bush said in a live televised address. "Fellow citizens, we must not let this happen," Bush said.
The debate over a proposed $700 billion government bailout of the nation's financial system raced forward on Wednesday as the Bush administration and congressional Democrats moved closer to a deal.