voa标准英语2008-Bush Says Economic Meltdown Forced Aggressive In
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President Bush says the ongoing1 financial crisis has forced him to endorse2 aggressive government intervention3 in numerous economic sectors4 in spite of his core, free market principles. President Bush restated his desire to prevent the U.S. auto5 industry from going bankrupt, while stressing that federal intervention should be temporary. |
| President George W. Bush pauses during remarks to the American Enterprise Institute in Washington, 18 Dec 2008 |
President Bush came into office eight years ago with an agenda of low taxes and limited government. But, in a wide ranging discussion in Washington, Mr. Bush admitted that the economic meltdown of the last year has forced him to set some of those principles aside.
The latest example is a rescue package the administration is contemplating6 for troubled U.S. automakers. An earlier attempt at a rescue plan passed the U.S. House of Representatives, but the measure failed in the Senate.
Mr. Bush noted7 that the U.S. auto industry employs millions of people, and that it is on the brink8 of collapse. "I am worried about a disorderly bankruptcy10 and what it would do to the psychology11 and the markets," he said.
Mr. Bush said he intends to act, but has yet to decide how best to do so.
Earlier this year, Congress approved a $700-billion financial rescue package. Mr. Bush said he disliked the idea of such massive government expenditure12 and intervention, but that he had been warned of a possible economic catastrophe13 worse than the Great Depression if no action were taken.
The president was speaking at a gathering14 of the free market policy organization, the American Enterprise Institute. He was asked to respond to accusations15 from Democrats16 that his economic agenda sowed the seeds of the financial crisis.
"I'm looking forward to the true history of this financial crisis being written," said Mr.Bush. "No question part of the crisis came about because of excesses in lending in the housing market. My administration early on expressed concern about implicit17 government guarantees in the mortgage industry, in Fannie and Freddie."
Fannie Mae and Freddie Mac are government-sponsored mortgage insurers that have benefited from the financial rescue package.
Mr. Bush added that he understands the frustrations18 of ordinary Americans whose tax dollars are propping19 up corporations because of what he described as the "excesses on Wall Street."
The president, whose term ends next month, also expressed disappointment that free trade pacts20 with Colombia and Panama have not been ratified21 during his time in office.
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