As talked bogged down Friday, Bush spoke from a podium outside the Oval Office in an effort to buy negotiators some breathing room.
"Any time you have a plan this big, that is moving this quickly, that requires legislative approval, it creates challenges," Bush said. "Members want to be heard. They want to be able to express their opinions, and they should be allowed to express their opinions."
"There are disagreements over aspects of the rescue plan, but there is no disagreement that something substantial must be done," he added. "The legislative process is sometimes not very pretty, but we are going to get a package passed. We will rise to the occasion. Republicans and Democrats will come together and pass a substantial rescue plan."
Stocks initially sank on news that the plan was stalled but began to recover after Bush predicted a plan would be enacted. The Dow Jones industrial average ended the day with a gain of 121.07 points, to 11,143.13.
But it was clear that Bush, who played host to a contentious and inconclusive meeting at the White House on Thursday, had little influence over members of his own party and hence, over the shape of the emerging deal.
Democrats were quick to try to capitalize on the GOP's divisions. "President Bush, for the sake of America, please get your party in line," Sen. Charles E. Schumer (D-N.Y.) said in a speech on the Senate floor. "Get the House Republicans to be more constructive."
As the delay continued, however, some of Schumer's Democratic colleagues began to express reservations of their own. House Democrats unhappy with the bailout also applauded the stalemate.
A self-styled "Skeptics Caucus" met for the second time Friday to discuss changes they would like to see in the plan, including a smaller dollar amount. About 25 lawmakers and 30 staffers attended the meeting, said Rep. Brad Sherman (D-Sherman Oaks), who leads the group.
"I'm glad that the juggernaut got slowed down, and it got slowed down by Republicans," Sherman said. "Now we have a chance to pass a much smaller bill by Sunday or to not pass anything until after Rosh Hashanah."
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richard.simon@latimes.com
maura.reynolds@latimes.com
nicole.gaouette@latimes.com
Times staff writers Peter G. Gosselin, Bob Drogin, James Gerstenzang and Johanna Neuman contributed to this report.
