Bush: 'Tough Situation . . . but We'll Recover'
President Bush made a brief statement after meeting with Treasury Secretary Hank Paulson moments ago, saying, "This is a tough situation for Americans, but we'll recover from it."
Bush said he and Paulson talked extensively about this morning's $20 billion buy-in to Citi while Bush was flying back from Peru on Air Force One last night.
"The first step to recovery is to safeguard our financial system," Bush said, referring to the Citi action. "We have made types of decisions in the past and . . . if need be, we are going to make these types of decisions to safeguard our financial institutions in the future."
Bush said he briefed President-elect Barack Obama on the action.
-- Frank Ahrens
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