Candidates, Bush urge reviving financial bailout

WASHINGTON — President Bush warned Tuesday that failing to pass a financial rescue plan would bring severe consequences to the U.S. economy. "Congress must act," he declared in an appeal that both presidential candidates echoed.

Republican John McCain and Democrat Barack Obama separately urged Congress to redouble efforts to get a deal through and both proposed increasing federal deposit insurance to $250,000, as a key part of it.

In brief remarks at the White House, Bush warned that, "if our nation continues on this course, the economic damage will be painful and lasting."

He said his administration would work...