President Bush appealed to the nation Wednesday night to support a $700 billion plan to avert a financial meltdown on Wall Street, and he invited both major presidential candidates to join him and Congressional leaders at the White House on Thursday to forge a bipartisan compromise.<\/p>\n
Warning that \u201ca long and painful recession\u201d\u009d could occur if Congress does not act quickly, Mr. Bush said the consequences could play out in \u201ca distressing scenario,\u201d\u009d including potential bank failures, job losses and inability for ordinary Americans to borrow money to buy cars or send their children to college.<\/p>\n
\u201cFellow citizens, we must not let this happen,\u201d\u009d he said.<\/p>\n
The address, and the extraordinary offer to bring together Senator Barack Obama, the Democratic presidential nominee, and Senator John McCain, the Republican, just weeks before the election underscored a growing sense of urgency on the part of the administration that Congress must act to avert a far-reaching economic collapse.<\/p>\n
It was the first time in Mr. Bush\u2019s presidency that he delivered a prime-time address devoted exclusively to the economy, and it came at a time when deep public unease about shaky financial markets has been coupled with skepticism and anger directed at a government bailout that would be the most expensive in American history.<\/p>\n