In a televised national address, Bush claimed that the United States is in the midst of serious financial crisis and that his government is reponding to it with decisive actions. Bush has also been convincing americans to support a $700 billion financial rescue plan.
In his testimony Wednesday, Paulson revealed that the Treasury had been considering a bailout plan, among other options for settling markets, for months now.
"We have proposed a program to remove troubled assets from the system—a program we analyzed internally for months, and had hoped would never be necessary," he said. "Under our proposal, we would use market mechanisms available to small banks, credit unions and thrifts across the country."
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