Bush: U.S. in midst of serious financial crisis

U.S. President George W. Bush delivers a nationally televised address from the White House to discuss a $700 billion financial rescue plan that he feels is needed to shore up the U.S. economy, in this frame grab taken in Washington on September 24, 2008. REUTERS/White House Television

U.S. President George W. Bush delivers a nationally televised address from the White House to discuss a $700 billion financial rescue plan that he feels is needed to shore up the U.S. economy, in this frame grab taken in Washington on September 24, 2008.

Credit: Reuters/White House Television

WASHINGTON | Wed Sep 24, 2008 9:16pm EDT

WASHINGTON (Reuters) - President George W. Bush on Wednesday said the United States was in a serious financial crisis as he tried to convince Americans to support a $700 billion financial rescue plan.

"We are in the midst of a serious financial crisis and the federal government is responding with decisive action," Bush said in a televised national address.

He warned that "the market is not functioning properly," there is widespread loss of confidence, major sectors are at risk, and more banks could fail and threaten sending the U.S. economy into recession. "We must not let this happen," Bush said.

(Reporting by Tabassum Zakaria; Editing by Chris Wilson)
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