国际英语新闻：Bush warns of "painful" damage to economy if Congress fails to pass bailout bill

WASHINGTON, Sept. 30 (Xinhua) -- U.S. President George W. Bush warned Tuesday that the damage to the nation's economy will be "painful and lasting" if Congress fails to act to rescue markets.

"The reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act," Bush said at the White House.

    His remarks came a day after the U.S. House of Representatives voted narrowly to reject the 700-billion-dollar financial rescue bill that the Bush administration and leading members of Congress had agreed was necessary.

U.S. President George W. Bush makes a statement about the economic bailout package from the White House in Washington Sept. 29, 2008.

    "We are at a critical moment for our economy and we need legislation that decisively addresses the troubled assets now clogging the financial system, helps lender resume the flow of credit to consumers and businesses, and allows the American economy to get moving again," said the president.

    Under the rescue bill, the federal government will be authorized to purchase these assets from banks and other financial institutions, which is expected to help free them to resume lending to businesses and consumers.

    Bush said that the U.S. economy "is depending on decisive action from the government." "The sooner we address the problem, the sooner we can get back on the path of growth and job creation," he said.

    "I'm confident we'll deliver," he added.

    The president said that he acknowledges that this is a difficult vote for members of Congress and that many are uncomfortable with what's transpiring in the economy.

    But if no action is taken, "the economic damage will be painful and lasting," he said.

    "We're facing a choice between action and the real prospect of economic hardship for millions of Americans," Bush noted. "For the financial security of many Americans, Congress must act."