President addresses nation urging action on rescue package

President Bush told the nation Wednesday night we’re in the midst of a “serious financial crisis” that could turn into “financial panic.“

He also invited both presidential candidates to the White House Thursday to help figure out how to get his 700 billion dollar bailout through Congress quickly.

But lawmakers say they’re already “very close” to a deal.
After working almost around the clock, a meeting’s scheduled for Thursday morning to start hammering out final details of what the administration wants and what Congress will accept.

But President Bush now wants to see key negotiators and the presidential candidates Thursday afternoon at the White House.
With banks failing, credit tight and markets uncertain, President Bush said it’s important to get this bailout underway quickly before Wall Street’s problems become yours.

“Not passing a bill now would cost these Americans much more later,“ the president said. “And it should be enacted as soon as possible.“
Obama said earlier Wednesday.

“I am prepared to be anywhere, anytime.“

But one negotiator said Wednesday night that it’s unnecessary.

They’re already close to a deal on the 700 billion dollar plan to buy up Wall Street’s debts.

John McCain suspended his campaign to come back to Washington.

“We must meet until this crisis is resolved,“ said McCain.

“He’s willing to risk the election to come take care of this problem,” said Utah republican Senator Orrin Hatch.

“To some extent, Senator McCain is air dropping himself in to solve a problem that’s already being solved in his absence,“ said Massachusetts democratic Congressman Barney Frank.

Wednesday night, Treasury Secretary Henry Paulson reportedly agreed to restricting paychecks for executives who participate in the bailout.

Negotiators were still working out how to make sure taxpayers get their money back and including help for troubled homeowners.

But leaders say it looks like there may be a deal as soon as Thursday.

On Wednesday, McCain asked to postpone Friday’s debate to get this done.

Obama disagreed, saying now is when the nation needs to hear from its potential leaders.