Bush, Congress exchange views on relief bill

WASHINGTON (AP) -- President Bush is eager for action to stabilize the country's distressed financial system.

After leading congressional Democrats cautioned that there are differing ideas about the best way to do it, Bush has issued a statement that "the whole world is watching" how the U.S. handles the business turmoil affecting financial markets both in the U.S. and abroad.

Bush says there will obviously be "differences over some details," but that the policy-making process must work through them.

The administration has proposed a 700-billion-dollar plan to buy bad mortgage loans that have created big problems for financial companies.

Some Democrats want to add provisions such as a limit in pay for executives of the troubled companies in need of the bailout.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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