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No.261 オリジナル英文

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Bush Warns of Painful US Recession Without Quick Action on Rescue Plan
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The president says the economy is in danger and something must be done.

"We are in the midst of a serious financial crisis and the federal government is responding with decisive action."

In a rare evening address from the White House, the president tried to put the complicated financial crisis in layman's terms.

He said the problems now facing Wall Street could eventually reach into every American home.

"More businesses would close their doors and millions of Americans could lose their jobs.

Even if you have a good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college.

And ultimately, our country could experience a long and painful recession."

But the medicine for the ailing economy will come at a very steep price.

The Bush administration wants Congress to approve $700 billion to buy out the bad debt now held by major financial institutions.

Everyone agrees that something must be done.

But many lawmakers are skeptical about setting aside all that money to help private companies.

Democrats, like Brad Sherman of California, complain the rescue package does a lot to help over-extended financial institutions, and not enough to help private citizens.

"The only thing that’s certain is if we pass this bill, Wall Street executives will be happy."

On Thursday, the president will do some closed-door campaigning for the financial rescue plan at a White House meeting with Congressional leaders and the two major party presidential candidates.

Democrat Barack Obama and Republican John McCain are urging their colleagues in the legislature to approach the issue in a bipartisan fashion.

In a highly unusual joint written statement released just minutes before the president's speech, they say everyone must work together to prevent, what they call, "an economic catastrophe."

Paula Wolfson, VOA News, the White House
by danueno | 2008-10-01 15:12 | オリジナル英文


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