Please turn on JavaScript. Media requires JavaScript to play. US Federal Reserve chief Ben Bernanke has urged politicians to "act quickly" to support the proposed $700bn (£378bn) bail-out of the financial markets. He added the US economy risked "serious consequences" if action was not taken. Treasury Secretary Henry Paulson told Congress that the proposal was about "benefitting the American people". Meanwhile, presidential candidate John McCain said he felt the bail-out would not be approved, and was suspending his campaign to help find a solution. "It has become clear that no consensus has developed to support the administration's proposal and I do not believe that the plan on the table will pass as it currently stands," he said. Action by Congress is urgently required to stabilise the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy
Ben Bernanke
Chairman, Federal Reserve
Q&A;: The $700bn bail-out Bush to address nation on economy And President George W Bush is to give a primetime televised address to convince US citizens of the need for the proposed rescue. The top officials have been making the case for the bail-out, arguing that failure to act would unleash what some have called "catastrophe". And billionaire investor Warren Buffett said the rescue plan was "absolutely necessary" to help pull the financial system out of an "economic Pearl Harbor". 'Work together' Both Democrat and Republican politicians have expressed strong scepticism about the proposal, under which a federal fund could buy bad debt from financial institutions with "significant operations in the US". The fund would aim to sell off these mortgage-related debts in the future when, the Treasury says, their value might have risen. Congressmen from both sides said they wanted assurances that the plan would benefit ordinary American home-owners as well as Wall Street. Some have gone further, calling the plan a potential waste of public money. Mr Paulson told the House Financial Services Committee that the entire proposal was about "benefitting the American people, because today's fragile financial system puts their economic well-being at risk". And he said that there was a good chance that - when the assets bought by government were resold, much of, or perhaps even all, of the $700bn could be recouped. "The program we have proposed is not a spending program. It is an asset purchase program, and the assets which are bought and held will ultimately be resold with the proceeds coming back to the government," Mr Paulson said. 'Substantial challenges' Meanwhile Mr Bernanke said that for the economy to pick up required a "return to more normal functioning" of the financial system - allowing credit to flow and giving a boost to the housing sector. "Despite the efforts of the Federal Reserve, the Treasury, and other agencies, global financial markets remain under extraordinary stress. "Action by Congress is urgently required to stabilise the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy." He added that the US economy continued to face substantial challenges, including a weakening labour market and elevated inflation. "Notably, stresses in financial markets have been high and have recently intensified significantly," he said. "If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse." Are you affected by the issues in this story? What is your reaction to Ben Bernanke's comments? Send us your calls using the form below. In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. Name
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John McCain.


El candidato presidencial John McCain anunció hoy que suspendería su campaña y pidió posponer un debate acordado con su oponente demócrata, Barack Obama. McCain explicó que esto se debe a la crisis financiera que azota el país, y recomendó a Obama que también suspendiera su campaña.

McCain agregó que hablaría con el Presidente George W. Bush para pedir una reunión del Congreso para apoyar el controversial plan de $700.000 millones para salvar la economía, pero dijo que no hay consenso sobre la propuesta y que no pasaría en su estado actual.

También tildó la crisis como "histórica", e hizo hincapié en que se necesita legislación, y advirtió sobre "consecuencias devastadoras".

"He llamado al presidente para convenir sobre una reunión con los líderes de ambas partes del Congreso, incluyendo el Senador Obama y yo. Es tiempo para que ambos partidos se reúnan y resuelvan este problema. Es claro que ningún consenso se ha generado para apoyar la propuesta de la administración y no creo que el plan en la mesa pase en su estado actual. Nos estamos quedando sin tiempo", declaró McCain durante una conferencia de prensa.

Barack Obama.

Esta mañana, Obama había llamado a McCain y pedido que tanto él como Obama pusieran de lado el partidismo, y así se concentraran en los problemas económicos. Ambos han convenido en dar una declaración conjunta apoyando el reajuste económico. Se espera que Bush hable por televisión a las 9:00 PM (EDT) de esta noche.

Obama respondió al discurso de McCain unos minutos después, confirmando que aún iría al debate. Asimismo, expresó deseos de equidad para los contribuyentes y objetó ayudar más de lo debido a quienes causaron en un principio la crisis.

La propuesta tiene lugar luego de que el Congreso expresara dudas sobre el plan. El Presidente de la Reserva Federal, Ben Bernanke, y el Secretario del Tesoro, Henry Paulson, urgieran a aprobar el proyecto y actuar rápido.

A pesar de esto, tanto McCain como Obama han expresado escepticismo sobre el plan de salvamiento, y el Congreso expresó preocupación de que la medida no beneficie a los propietarios de hogares tanto como a Wall Street.