Members of Hawaii's congressional delegation warn that the financial crisis is severe and threatens the nation's economy.

But the Hawaii Democrats say Congress will not pass the first version of the rescue bill for financial firms proposed by President Bush.

In reaction to Bush's address to the nation last night, Hawaii's senators and representatives said the president has moved toward compromise with the Democrats.

“;Let's hope we will be able to deal with this crisis and do it on a bipartisan basis,”; Rep. Mazie Hirono said.

The 2nd District Democrat said part of the blame for the financial crisis rests with the Bush administration because “;they didn't keep their eye on the ball.”;

“;How this happened is we didn't have regulators doing what they were supposed to,”; Hirono said.

Hawaii's senior Sen. Dan Inouye noted that Bush had changed his initial position that the bailout bill must not be amended.

“;Originally, the president's proposal gave the government extraordinary powers,”; Inouye said.

Inouye and fellow Hawaii Sen. Dan Akaka were with other Democrats who met yesterday with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to discuss the credit market.

“;We must work together to develop a solution to the current credit crisis that is fair and includes proper oversight and accountability,”; Akaka said. “;We must reform the financial regulatory system to prevent this from ever happening again.”;

Rep. Neil Abercrombie said Bush's speech “;has no credibility.”;

“;There was no plan, nothing,”; Abercrombie said. “;We will get out of this without him.”;

Inouye opposed Sen. John McCain's decision yesterday to suspend his presidential campaign and come back to Washington.

Inouye told his fellow senator to stay on the campaign trail.

“;Now is not the time to have presidential campaigning on the Senate floor,”; Inouye said. “;It would be wrong to inject presidential politics into the legislative deliberations now under way to craft a solution.”;