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President Bush said the $700 billion Wall Street rescue plan would help “put our economy on the road to recovery” but cautioned that it may not be quick trip. "My administration will move as quickly as possible, but the benefits of this package will not all be felt immediately," Bush said during his weekly radio address Saturday morning. "The federal government will undertake this rescue plan at a careful and deliberate pace to ensure that your tax dollars are spent wisely." Bush also thanked Congress for passing the plan, and acknowledged that supporting it was a difficult vote for members of the House and Senate. On Monday, the House had rejected a similar bailout plan. But a dramatic drop in the Dow Jones industrial average that day and a renewed lobbying effort from a loose collection of retirees, corporate executives, farmers and other small business owners revived the bill in the Senate. Also, Senate negotiators added several provisions to the underlying bailout plan. Members increased the level of federally insured deposits and attached a massive tax relief bill, popular tax breaks for renewable energy, and a provision that improves mental health care coverage. Though fiscally conservative Blue Dog Democrats grumbled about the higher bill that came back to the House, the rescue package passed easily by a vote of 263-171. "The legislation Congress passed provides the necessary tools to address the underlying problem in our financial system," Bush said. The Democratic radio response was much less conciliatory. But the attacks delivered by Ohio Gov. Ted Strickland, a former House member, were not targeted at the current president but the Republican running to replace him, Sen. John McCain (R-Ariz.). Strickland once again blasted McCain for saying that the "fundamentals of the economy are strong," contrasting that position with monthly job losses and decreasing wages. Keeping with the Democratic playbook this presidential cycle, Strickland sought to tie McCain to the Bush administration, and, more specifically to the crisis on Wall Street that created the need for a $700 billion rescue plan. "We cannot afford four more years of the greed from Wall Street and the irresponsibility in Washington that got us into this mess," Strickland said. In his radio address, McCain said the economy was "struggling" and the government was "on the wrong track," and proscribed lower taxes and spending cuts as a cure for both problems. He said as president he would implement a one-year spending freeze for most federal agencies, except for defense, veterans affairs and "a few critical priorities." And McCain also pledged to "restore fairness, integrity, and financial sanity to the institutions that have failed us on Wall Street." |
