US bailout vote: George Bush warns of ‘lasting’ damage if Congress rejects plan

George W Bush gave warning of “painful and lasting” damage to the US economy if Congress did not act quickly to pass a financial rescue package, after the shock rejection of the first attempt at a £380 billion bailout bill.

Speaking at 8.45am from the White House, the US president urged Congress to pull together: “We are facing the choice between action and economic hardship for millions of Americans…For the financial security of every American Congress must act.

“The reality is we are in an urgent situation and the consequences will grow worse each day if we do not act. If continue on this course the economic damage will be painful and lasting.”

Looking and sounding tired, the president was making his third address to the nation in a week, and his second in as many days.

None of his performances have offered much reassurance or persuaded hesitant members of Congress and their constituents to support the unprecedented use of taxpayer funds to prop up the economy and restore the flow of credit.

A bill was rejected on Monday amid dramatic scenes in the House of Representatives by 225 to 208 votes, with only 65 out of 199 Republicans voting in favour.

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