Presidential candidates John McCain and Barack Obama are meeting President George W Bush at the White House for talks on the financial crisis crippling Wall Street.

Earlier, the President addressed the nation on TV:
“The government’s top economic experts warn that without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold,” he said.

President Bush wants Congress to agree a 474-billion euro bail-out. Legislators are reported to be close to a compromise deal following arguments about how the plan would be implemented.

John McCain has suspended his election campaign to return to Washington but the two presidential rivals have disagreed over delaying a TV debate about the economic crisis scheduled for Friday.

McCain wants it postponed, Obama says the American public needs to hear what the two candidates have to say.

In a joint statement McCain and Obama described the planned bail-out as flawed but agreed, efforts to protect the economy must not be allowed to fail.

Lawmakers want guarantees the rescue package will benefit homeowners not just Wall St.

A week and a half after the collapse of investment bankers Lehman Brothers, fears remain that major sectors of America’s financial system are still at risk of going bust.

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