Bush talks about financial crisis in final U.N. speechPosted: Updated:
During his highly anticipated final address to the U.N. General Assembly Tuesday, President Bush tried to reassure world leaders that his administration is acting quickly to avoid a worldwide financial meltdown.
Stocks opened a bit higher before Bush addressed thousands of foreign diplomats. Bush says his administration is putting pressure on Congress to pass a $700 billion rescue package this week. The bill includes the creation of an oversight board to guide the buy-up of bad loans.
However, some Democrats and Republicans say they don?t want to hand over a ?blank check? to Wall Street without greater oversight and without extending additional help to struggling homeowners.
?I would like to make sure we have oversight and accountability in this immediate package,? says Sen. Hillary Clinton (D-New York).
Responding to Clinton?s criticism, Federal Reserve Chief Ben Bernanke promised that large corporations will not get a free pass.
Meanwhile, Treasure Secretary Henry Paulson testified before lawmakers in Washington Tuesday, urging Congress to move quickly with the vote and warned that inaction could have dire consequences for the broader U.S. economy.
Paulson added that the current fiscal crisis is embarrassing for the United States and warned if Congress does not pass the ?11th hour rescue plan? as soon as possible, a full-blown recession will be unavoidable.
The hearings on the government bailout plan will continue on Capitol Hill Wednesday.
Click here for excerpts of President Bush's speech
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