Bush said considering speech to US on economy

WASHINGTON: Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that economic growth depends on stabilizing financial institutions as the White House said President George W. Bush is weighing a speech to the US nation about turmoil in the markets.

In remarks to the Joint Economic Committee of Congress, Bernanke said the Fed will ``act as needed'' to minimize the disruptions to business life. His appearance came not long after Bush said he was confident his administration and Congress could reach agreement soon on a ``robust'' plan to relieve the stress.

Lawmakers have voiced skepticism about the administration's $700 billion bailout plan, however, and both Bernanke and Treasury Secretary Henry Paulson heard skeptical statements from Senate Banking Committee members when they went to Congress Tuesday to plea for passage of the plan.

Meanwhile, Bush's chief spokeswoman, Dana Perino, disclosed the president's thinking about a national speech and said the country is at risk of a ``calamity'' without bold action to calm down the markets and soothe nervous Americans.