[Weekly Compilation of Presidential Documents Volume 44, Number 38 (Monday, September 29, 2008)]
[Pages 1241-1242]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on the National Economy

September 22, 2008

    Over the weekend, members of my administration and congressional 
leaders worked on legislation to address the crisis in our Nation's 
financial markets. They made good headway toward a bill that can pass 
the House and Senate in a timely manner, and the American people 
appreciate their efforts.
    Obviously, there will be differences over some details, and we will 
have to work through them. That is an understandable part of the 
policymaking process. But it would not be understandable if Members of 
Congress sought to use this emergency legislation to pass unrelated 
provisions, or to insist on provisions that would undermine the 
effectiveness of the plan. I appreciate Members of Congress in both 
parties resisting the urge to do so, and keeping the rescue bill focused 
on solving the crisis in our financial markets.
    Americans are watching to see if Democrats and Republicans, the 
Congress and the White House, can come together to solve this problem 
with the urgency it warrants. Indeed, the whole world is watching to see 
if we can act quickly to shore up our markets and prevent damage to our 
capital markets, businesses, our housing sector, and retirement 
accounts.
    Failure to act would have broad consequences far beyond Wall Street. 
It would threaten small-business owners and homeowners on Main Street.

[[Page 1242]]

    Everyone recognizes that it's not easy to write a bill of this 
magnitude in a timely manner, and all those who have worked so hard over 
the weekend and continue this morning deserve the thanks and 
appreciation of every American. Working together, I am confident we can 
enact the legislation necessary to prevent lasting damage to our economy 
and meet the unique challenge facing us today.

Note: The Office of the Press Secretary also released a Spanish language 
version of this statement.