WASHINGTON — In the wake of continued bad economic news and theskepticism in Congress about his plan for fixing it, President Bushplans to take his case to the nation in a nationally televisedaddress tonight at 9:00 p.m. EDT.
|Bush plans to speak from the White House about the state of theeconomy and urge citizens to support his $700 billion plan forbuying illiquid assets from financial institutions, includingcredit unions.
|Since the plan was unveiled over the weekend, it has beencriticized by lawmakers on both sides of the aisle who havecomplained about its size, the speed with which Bush wants itapproved, and a lack of sufficient regulatory oversight.
|Federal Reserve Chairman Ben S. Bernanke and Treasury SecretaryHenry Paulson testified on Capitol Hill yesterday and today andurged passage of the plan.
|“Action by the Congress is urgently required to stabilize thesituation and avert what otherwise could be very seriousconsequences for our financial markets and our economy,” Bernanketold the Joint Economic Committee today.
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