President Bush addressed the issue of our failing economy to the entire country on Wednesday night. His address was mainly a warning to all Americans and especially those lawmakers who are reluctant to pass his $700 billion bailout plan. President Bush warned that if this plan is not passed, jobs will be lost, businesses will be forced to close, retirement accounts will fail and our country will be headed towards a “long and painful recession.”

Our economic problems have surpassed President Bush’s ability to correct the problem. In fact, President Bush extended invitations to both presidential candidates, Barack Obama and John McCain, to work out a compromise. One of the aforementioned men will “inherit” the weakened economy in just four months. Key congressional leaders were also invited to help solve the problem.

President Bush stated, “Without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold.” President Bush expressed his concern for our troubled economy. He is welcoming advice and recommendations from both political parties. However, he said that he would not put any regulation in force that would prohibit economic growth.

The Bush administration’s bailout plan has already been met with extreme skepticism. It was announced just last weekend, and has already undergone a massive amount of controversy. Americans and lawmakers, on both sides, are very concerned about the impact it will have on American taxpayers and the entire private sector. Many wonder whether the timing is right to enact such a large plan. Similarly, many people are concerned with the massive amount of debt the plan entails.

President Bush addressed these concerns. He stated that he was extremely hesitant to put taxpayers money on the line to help failing businesses. Critics of the plan have been concerned that taxpayers will have to bail out individual companies and struggling businesses. Bush stated that individual companies are not the main focus. He also tried to put Democratic fears at ease about whether the CEOs of these failing companies will be rewarded. They will not, he said.

Bush understands that this country faces the largest financial crisis in decades. Because of this, he pleaded with Americans everywhere, especially lawmakers, to accept this plan. Senators Obama and McCain also issued a joint statement urging lawmakers to act and to act promptly. Something drastic must me done if our country wants to rebound quickly from the negative effects of a failing economy.