Bush to speak to nation tonight about economy

WASHINGTON - President Bush will address Americans directly about the financial crisis tonight at 9 p.m. ET, and his spokeswoman said Wednesday the nation risks "calamity" without bold action.

A meltdown among several financial institutions and intense negotiations with Congress over a rescue package the administration has requested led the president to return to Washington early Wednesday from a three-day stay in New York. He canceled a planned trip to Florida, where he had been scheduled to raise campaign cash for Republican candidates later in the day.

“This is a huge moment for America and if we don’t take decisive and bold action, we could be facing financial calamity,” White House press secretary Dana Perino told reporters traveling on Bush’s plane.

She said the president has been trying to address the public’s many questions and concerns.

The White House has struggled to determine how best to deploy Bush during the crisis.

Time for a louder voice?
As the problem mushroomed over the weekend of Sept. 13, Bush generally stayed out of the limelight, letting Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke take the lead with reporters, lawmakers and the public. He even canceled a planned statement on the economy on Tuesday and remained silent for days.

Timeline

Economy in turmoil Interactive: A timeline of the events leading up to the current crisis on Wall Street.

But the president has said something publicly on the situation almost every day since Thursday — albeit very briefly most times — and yet he still is hardly breaking into the debate. News coverage has barely mentioned Bush’s comments. Points that he and his White House aides have tried to make about the aim and substance of the proposed $700 billion bailout plan have been only on the periphery of the story.

So the White House finds itself still wrestling to decide what would be the most helpful role for Bush as the proposal is meeting with deep skepticism on Capitol Hill, especially from conservatives in Bush’s own party who are revolting at the high price tag and unprecedented government intervention into private markets.

Earlier in New York, Bush said he believes a plan will be passed despite the fierce debate.

“I am confident when it’s all said and done, that there will be a robust plan,” the president said.

Face time with peers at U.N.
He spoke before a meeting to discuss free trade with leaders of other Western Hemisphere nations, one the last events in his trip to attend the annual U.N. General Assembly. The president was greeted there by world leaders who themselves had many questions about the turmoil in the United States markets.

AP Jobs, spending data hint at recovery In a hopeful sign for the economy, the number of newly laid-off workers filing claims for unemployment benefits fell below 500,000 last week for the first time since January.

New-home sales rise to highest level in a year Consumers log stronger-than-expected rebound Durable goods orders fall unexpectedly Recovery's pace slower than first thought

Bush put a positive spin on what those leaders were seeing take place in the U.S. political system.

“They can see our legislative process is full of give-and-take, that there’s ample debate,” he said.

With so many crises hitting the United States at once, the presidential race has taken a back seat and so has Bush’s involvement in politics. Wednesday’s Florida trip was the third time in a week that he has canceled his attendance at out-of-town fundraisers.

Last Thursday, he scrapped attendance at fundraisers in Alabama and Florida, as well as an energy event in Alabama, to stay at the White House and consult with economic advisers. He also cancelled his appearance at fundraisers in Kansas and Texas last Tuesday, but those were replaced by a trip to another part of Texas to review damage from Hurricane Ike.

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