‘Enough Is Enough,’ Bush Says, Asks Action on S

President Bush, declaring “enough is enough,” called on the House today to act quickly on his plan to bail out the savings and loan industry and keep the tough capital requirements and accounting procedures.

With the full House poised to decide whether to weaken key reforms proposed by the Administration Feb. 9, Bush summoned bipartisan congressional leaders to the White House to hear his plea to move on the measure because the cost to taxpayers mounts daily.

“I have a certain sense of obligation to the American people to get legislation through that is going to protect the people against the abuses of the past and to fix it and fix it for once and for all,” Bush told the leaders in the Cabinet Room.

“It’s time for the American public and our Administration to say that enough is enough and to earnestly ask for the support of Congress,” he said.

The House was to begin considering the bill later today and the most controversial question is how much money owners must invest in their S&Ls.;

White House spokesman Marlin Fitzwater said that although Bush has made no firm decision, some of his advisers “would recommend a veto if there are not appropriate changes in the capital requirements.”

“Inadequate capital requirements and distorted accounting practices were the principal causes for the thrift catastrophe and the resulting losses,” Fitzwater said. “We urge the House not to weaken the capital and accounting standards.”

Bush, claiming that each day of delay costs the taxpayers more than $10 million, also urged strongly that lawmakers rebuff the insistence of S&Ls; that “good will” be allowed in lieu of actual dollars.