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Bush gives recession warnings -

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LEIGH SALES, PRESENTER: President George W Bush has told Americans they face a long and painful
recession if Congress doesn't pass his $US700 billion Wall Street rescue plan.

Inaction, he said, could wipe out banks, threaten retirement nest eggs, sink house prices, and
destroy jobs.

While President Bush piled on the pressure, the two men who want his job entered the fray.

Washington correspondent Mark Simkin reports.

MARK SIMKIN, NORTH AMERICA CORRESPONDENT: George W Bush cancelled a fundraiser and returned to the
White House.

He took his case for a Wall Street bailout directly to the people who'll be paying for it; the
taxpayers.

GEORGE W BUSH, US PRESIDENT: Our entire economy is in danger.

MARK SIMKIN: Rather than talking the economy up, he talked it down.

GEORGE W. BUSH: The Government's top economic experts warn that without immediate action by
Congress America could slip into financial panic, and a distressing scenario could unfold.

MARK SIMKIN: The President warned that scenario could include a long and painful recession. He'll
host extraordinary crisis talks.

GEORGE W. BUSH: I've invited Senators McCain and Obama to join Congressional leaders of both
parties at the White House tomorrow to help speed our discussions toward a bipartisan bill.

MARK SIMKIN: There are signs of compromise on Capitol Hill; but the politicians are still reluctant
to spend vast amounts of money helping financial fat cats.

RECEPTIONST: Good afternoon; Senator Jim Nemit's office.

MARK SIMKIN: Angry voters are swamping the Senate's phone lines.

CHARLES SCHUMER, DEMOCRATIC SENATOR: Americans are furious. I am sure that every single one of my
colleagues on both sides of the aisle has heard what I have heard from my constituents; amazement,
astonishment, and intense anger.

MARK SIMKIN: John McCain doesn't think the rescue package will pass, and he dropped a bombshell.

JOHN MCCAIN, REPUBLICAN CANDIDATE: Tomorrow morning I'll suspend my campaign and return to
Washington after speaking at the Clinton Global Initiative.

MARK SIMKIN: There'll be no campaign TV ads or events until a bailout compromise is reached. John
McCain also wants to postpone his first debate with Barack Obama.

BARACK OBAMA, DEMOCRATIC CANDIDATE: This is exactly the time when the American people need to hear
from the person who, in approximately 40 days, will be responsible for dealing with mess.

MARK SIMKIN: Some Democrats are accusing John McCain of grandstanding and playing politics. The
announcement is unprecedented and probably calculated.

It makes the Republican appear engaged, concerned, and bipartisan, just as opinion polls suggest
most Americans think Barack Obama would make a better economic manager.

Mark Simkin, Lateline.