Bush pushes quick bailout bill passage

WASHINGTON, Sept. 22 (UPI) -- Failure by Congress to act on the Wall Street bailout will have consequences beyond the markets it's designed to save, U.S. President George Bush said Monday.

While he said he understood there may be differences on the details of the $700 billion plan to fix chaotic conditions on Wall Street, Bush in a statement said "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."

Among other things, the three-page bill gives Treasury Secretary Henry Paulson total authority and raises the debt ceiling.

U.S. Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, said on CBS's "The Early Show" members of Congress think "we're going to need this level of financing for this, and we want to give (Paulson) the authority to do this."

However, Congress is concerned about accountability, that taxpayers are footing the bill and homeowners because "the core of this problem is still the foreclosure crisis," Dodd said.

"I think we can" provide Paulson authority as well as safeguard taxpayers and homeowners, Dodd said. "It's important we act quickly, but it's more important ... that we act responsibly in this as well.

In his statement, Bush cautioned: "Failure to act would have broad consequences far beyond Wall Street. It would threaten small business owners and homeowners on Main Street."