WASHINGTON (Reuters) - President George W. Bush defended the government's financial rescue plan on Saturday, saying the cost to taxpayers to shore up shaky markets was better than the alternative of massive job losses and devastated retirement accounts.
The Bush administration is working through the weekend with the Democratic-led Congress to craft a plan to spend hundreds of billions of federal dollars to purge securities tied to bad mortgages and other assets from bank balance sheets to keep the financial system from collapsing.
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