VOA标准英语10月-Bush Confident About Financial Bailout Plan

U.S. President George Bush says he is confident there will be a deal to rescue America's troubled financial sector¹, a day after lawmakers failed to pass his $700 billion plan. VOA White House Correspondent Scott Stearns reports, the bill's failure led to record losses in the U.S. stock market.
　

U.S. President George W. Bush speaks regarding the economic rescue plan at the White House in Washington, D.C., 30 Sep 2008

President Bush says this is a critical moment for a U.S. economy that is depending on decisive action from the federal government.

"As much as we might wish the situation were different, our country is not facing a choice between government action and the smooth functioning of the free market," he said. "We are facing a choice between action and the real prospect² of economic hardship for millions of Americans. For the financial security of every American, Congress must act."

The House of Representatives Monday rejected the president's plan to buy up mortgage-backed securities that have lost value during the decline in the housing market.

Banks holding these assets are restricting credit, making it harder for businesses and consumers to get loans. So President Bush wants Congress to spend as much as $700 billion to buy up these securities, giving more banks more money to lend.

The plan's failure led to a record 778-point drop of the Dow Jones Industrial Average.

Speaking to reporters at the White House before markets opened Tuesday morning, Mr. Bush said America's economy is facing an urgent situation, the consequences of which will grow worse each day lawmakers fail to act.

"The dramatic drop in the stock market that we saw yesterday will have a direct impact on the retirement³ accounts, pension funds, and personal savings⁴ of millions of our citizens," he said. "And if our nation continues on this course, the economic damage will be painful and lasting⁵."

Public opinion polls show many Americans oppose the plan. Many of the lawmakers who voted against the bailout are in competitive races for re-election just over a month before voters go to the polls.

Both major presidential candidates, Democratic Senator Barack Obama and his rival, Republican Senator John McCain, suggested Tuesday that the limit on bank deposits guaranteed by the U.S. government should increase from $100,000 to 250,000. They said that should help small businesses.

Obama and McCain urged lawmakers to keep working on a financial rescue plan.

The president said he understands that this is a difficult vote for many members of Congress, but he said addressing the problem and helping⁶ restore the economy and job growth is what elected leaders owe the American people.

Mr. Bush sought to reassure⁷ investors⁸ at home and abroad by saying he is confident a deal will be reached to rescue the financial sector. He said his administration is continuing talks with legislative⁹ leaders to move forward on a bill when they return to Capitol Hill Wednesday.

1 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

2 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

3 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

4 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

5 lasting   

adj.永久的，永恒的；vbl.持续，维持

参考例句：

• The lasting war debased the value of the dollar.持久的战争使美元贬值。
• We hope for a lasting settlement of all these troubles.我们希望这些纠纷能获得永久的解决。

6 helping   

n.食物的一份&adj.帮助人的，辅助的

参考例句：

• The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
• By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。

7 reassure   

v.使放心，使消除疑虑

参考例句：

• This seemed to reassure him and he continued more confidently.这似乎使他放心一点，于是他更有信心地继续说了下去。
• The airline tried to reassure the customers that the planes were safe.航空公司尽力让乘客相信飞机是安全的。

8 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

9 legislative   

n.立法机构，立法权；adj.立法的，有立法权的

参考例句：

• Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。
• Today's hearing was just the first step in the legislative process.今天的听证会只是展开立法程序的第一步。