WASHINGTON — In the wake of continued bad economic news and the skepticism in Congress about his plan for fixing it, President Bush plans to take his case to the nation in a nationally televised address tonight at 9:00 p.m. EDT.
Bush plans to speak from the White House about the state of the economy and urge citizens to support his $700 billion plan for buying illiquid assets from financial institutions, including credit unions.
Since the plan was unveiled over the weekend, it has been criticized by lawmakers on both sides of the aisle who have complained about its size, the speed with which Bush wants it approved, and a lack of sufficient regulatory oversight.
Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson testified on Capitol Hill yesterday and today and urged passage of the plan.
“Action by the Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and our economy,” Bernanke told the Joint Economic Committee today.
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