President Bush poses for photographers after delivering a prime-time speech from the White House on the ailing financial markets, Wednesday, Sept. 24, 2008, in Washington. (AP Photo/Lawrence Jackson)

WASHINGTON — President Bush said Wednesday that lawmakers risk a cascade of wiped-out retirement savings, rising home foreclosures, lost jobs and closed businesses if they fail to act on a massive financial rescue plan. “Our entire economy is in danger,” he said.

“Without immediate action by Congress, American could slip into a financial panic and a distressing scenario would unfold,” Bush said in a 12-minute prime-time address delivered from the White House East Room that he hoped would help rescue his tough-sell bailout package. “Ultimately, our country could experience a long and painful recession.”

Said Bush: “We must not let this happen.”

Source: HP

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