President Puts His Powers of Persuasion to the Test

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Lawmakers Urge Action on Bailout

Economic policymakers work to stabilize global financial markets and say Congress must act quickly on a proposed bailout plan to avoid dire consequences for the U.S. economy.

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"We are going to take the time tonight to try to get this over the goal line," she said.

Rep. Tom Davis (R), the retiring Virginia lawmaker who has occasionally been at odds with the White House, said the administration has to throw everything it can into the legislative fight because the bill would fail if brought to the floor in its current state. "From the president's perspective, if he really thinks this is Armageddon if this doesn't happen, he has to lay his marker down," Davis said.

Democrats will now be put on notice, he added, that if they don't go along with the president's plan and the economy tanks, they will be blamed.

Whether the president maintains any sway with congressional Republicans is another question. Bush sent Vice President Cheney and Chief of Staff Joshua B. Bolten to try to calm down restive House Republicans but, by several accounts, they did not have much success. Administration officials remain nervous that even if they can meet congressional objections on certain provisions, that may not be enough to move House Republicans, who remain frustrated with the White House on a range of issues and angry about what they perceive as a perversion of free-market principles.

Still, many longtime Washington figures said Bush has to try to break the logjam. "This is a speech by the president of the United States and that's why it makes a difference. He is the only president we have until January 20 at high noon," said Kenneth M. Duberstein, the onetime chief of staff for President Ronald Reagan.

Staff writer Dan Eggen contributed to this report.