In a move to reassure the financial markets, President Bush issued a statement right at the opening bell Monday to applaud congressional leaders for scrambling over the weekend to assemble legislation that would grant the Treasury Department historic new authority to buy mortgage-related assets.
But the president also warns Democrats that "it would not be understandable if members of Congress sought to use this emergency legislation to pass unrelated provisions, or to insist on provisions that would undermine the effectiveness of the plan.
"Americans are watching to see if Democrats and Republicans, the Congress and the White House, can come together to solve this problem with the urgency it warrants," Bush said. "Indeed, the whole world is watching to see if we can act quickly to shore up our markets and prevent damage to our capital markets, businesses, our housing sector, and retirement accounts."
"Failure to act would have broad consequences far beyond Wall Street. It would threaten small business owners and homeowners on Main Street," the president said.
His full statement is after the jump.
Continue reading post...