President Bush will make a statement at the White House at 10:45 a.m. “regarding decisive actions the federal government is taking to address the severe disruptions in our financial markets,” the White House said.
Treasury Secretary Henry Paulson will speak at 10 a.m. on a government plan to buy up bad debts in the market to keep the economy from being weighed down and even capsized by the cascading effect.
Mr. Paulson will speak at the Treasury Department and then come next door to the White House for the president’s statement.
“The President will discuss the causes of the crisis and outline actions being taken to stabilize markets and restore confidence,” said White House press secretary Dana Perino in an e-mailed statement.
“He will describe a series of actions being taken now by the Federal Reserve, the Treasury Department, and the SEC, and the intention to work in a bipartisan way with Congress on a system-wide proposal to improve the health of our financial institutions,” she said.
Mr. Paulson, Federal Reserve Chairman Ben Bernanke, and SEC Chairman Chris Cox will be with the president during the roughly nine-minute statement in the Rose Garden.
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