CNBC
September 30, 2008

Saying the legislative process is not over, President Bush urged Congress to pass a new financial bailout proposal and warned that “the consequences will grow worse” without one.

“Congress must act,” Bush said in a live televised statement. “Our 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.”

Bush’s comments came amid growing optimism that Congress will eventually pass some kind of plan to help the troubled financial system.

World stocks fell to near three-year lows on Tuesday but fears of a major meltdown following historic Wall Street losses eased as European losses were muted.

The U.S. Congress’s rejection of a bank rescue package tore nearly 9 percent off the broad S&P 500 on Monday but European shares and many Asian stock markets clawed back early losses on hopes the U.S. plan would eventually go through.

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