Bush Warns of “Long and Painful Recession” Without Financial Rescue

President Bush addresses the nation on the financial crisis from the White House. Says $700 billion proposal is "aimed at preserving America’s overall economy.” Says his "natural instinct" is to oppose intervening in the market, but "these are not normal circumstances." His key audience: House Republicans, without whose votes there will be no deal. Obama spokesman says the Senator is "encouraged" and "heartened" by Bush's address-- read statement.