GE says action needed 'urgently' on bailout plan

BOSTON, Oct 1 (Reuters) - General Electric Co (GE.N) is lobbying U.S. lawmakers to act quickly on a proposed $700 billion bailout of the financial system, and believes action is needed "urgently," a spokesman said on Wednesday.

"We believe action on a financial stabilization package must be taken -- and urgently," said Peter O'Toole, a GE spokesman, in an e-mail message.

The U.S. Senate is due to vote on Wednesday on a revised bailout plan aimed at halting the worst financial crisis since the Great Depression. U.S. markets tumbled on Monday after lawmakers defeated an earlier version of the plan. (Reporting by Scott Malone, editing by Gerald E. McCormick)