Politics on the Hudson

Yesterday’s House defeat of a $700 billion rescue plan for Wall Street “is not the end of the legislative process’’ and the administration will continue to work with congressional leaders when they return tomorrow, President Bush noted this morning at the White House.

“Producing legislation is complicated and it can be contentious,’’ Bush said. “It matters little what a path a bill takes to become law. What matters is that we get a law.’’

Bush said the choice is to take action or face “the real prospect of economic hardship for millions of Americans.’‘