Bush warns 'entire economy is in danger'

WASHINGTON (AP) - In a televised address, President Bush has warned that the "entire economy is in danger" if a $700-billion plan to rescue shaky financial firms isn't approved quickly.

Bush warned that failure to act could result in wiped-out retirement savings, rising home foreclosures, lost jobs and closed businesses. He also said there could be "financial panic" if the crisis isn't solved.

Bush stressed that he was reluctant to put taxpayer money on the line to help businesses that had made bad decisions and that the rescue is not aimed at saving individual companies.

The president took to the airways because his plan has met with skepticism from Democrats and Republicans.

Bush also said in the 12-minute speech from the White House East Room, that he has invited Barack Obama and John McCain to attend a Thursday meeting with congressional leaders going over the administration plan.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.