Bush warns of debt rescue 'urgency'

NEW YORK (AFP) - US President George W. Bush on Monday warned lawmakers wary of his 700-billion-dollar debt bailout scheme that “failure to act would have broad consequences” for the battered US economy.

“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,” Bush said in a statement.

“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,” he said amid growing doubts about the rescue plan’s fate in the US Congress.