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Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson have tried to persuade skeptical lawmakers on a House panel to quickly approve the proposed $700 billion bailout of Wall Street. Separately, there were closed-door meetings at the Capitol with Paulson on the issue.

President Bush cautioned that the country faces a severe economic crisis. The speech from the White House East Room Wednesday night, followed a second day of hearings on Capitol Hill with Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke. Some lawmakers are pushing the White House to accept a smaller bailout of $150 billion.

As Democrats head into their nominating convention in Denver, they've already had their first look at the 2008 ticket. Barack Obama appeared in front of the old state capitol in Springfield, Ill., Saturday with his pick, Sen. Joe Biden of Delaware.

The debate over a proposed $700 billion bailout of the nation's financial system has intensified. Lawmakers, including Ohio Sen. Sherrod Brown, say they want answers to how the situation became so dire. Brown says there's going to be no blank check.

Congress takes up the massive bill to bail out the nation's financial institutions this week, where the theme might be "anything but clean." So far lawmakers are focusing their concerns on oversight, helping homeowners and questioning CEO salaries.

Members of the Senate Banking Committee heard Tuesday from Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke. Senator Richard Shelby of Alabama, the ranking Republican on the committee, says he won't vote for the plan the way it stands now. He believes it will have to be reconfigured to pass because there are too many unanswered questions.

Many members of Congress believe the $700 billion bailout plan should help homeowners facing foreclosure. Many lawmakers say the proposal bails out Wall Street but doesn't doing anything for Main Street.

Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke are before the Senate Banking Committee Tuesday to urge senators to act quickly on the $700 billion bailout package. Democrats seem to be unfied over the plan but some Republicans are hostile towards it.

Amazon laid off workers at its brick-and-mortar grocery stores last week — the latest sign of the e-commerce giant's struggles to stand out in the competitive grocery landscape.

New York Times congressional correspondent Annie Karni says if Republicans choose to retaliate, and not pass spending bills, it could cause a government shutdown this fall.