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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Bush: Legislative Process 'Is Not Over'

President Bush just moments ago reiterated the urgency of the financial crisis and its daily impact on the economy, saying Congress must continue to work with the administration to pass a financial rescue bill. "The legislative process is not over," he said.

"The reality is, we're in an urgent situation. The consequences will grow worse each day if we do not act," Bush said at the White House. He said yesterday's stock market plunge, the worst since the Sept. 11, 2001 terrorist attacks, have impacted Americans' retirement accounts and savings accounts. "If our nation continues on this course, the economic damage will be painful and everlasting."

Although many in Congress are concerned about the failed bill's $700 billion price tag, Bush said yesterday's market plunge resulted in a huge cost as well. "To put that into perspective, the drop in the stock market represents more than a trillion dollars in losses."

--Sara Goo

By Sara Goo  |  September 30, 2008; 8:59 AM ET
Categories:  The Ticker  
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Comments

We should all learn to do the oppesite of what Bush says.When he says "urgent" then we should take our time.

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Posted by: Joe | September 30, 1908 9:02 AM | Report abuse

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