Bush Urges Swift Passage of $700 Billion Financial Rescue Bill

President Bush praised Congress on the $700 billion financial package to stabilize the U.S financial system, saying the bill drawn up over the weekend will "address the root cause of the financial crisis." Bush praised lawmakers on both sides of the aisle for their leadership, pointing out that the package allows the government to purchase mortgage-related assets from banks to allow the banks to resume lending; it includes curbs on executive pay and oversight to ensure the best use of taxpayer money.

"I know many Americans are worried about the cost of the bill and I understand their concern," Bush said, citing the $700 billion price tag. He said both budget offices from Congress and the administration expect that "the ultimate cost will be far less than that. In fact, we expect much, if not all, of the tax dollars we invest will be paid back."

Bush urged swift passage of the bill, which the House will take up for a vote today. But he acknowledged that, even if passed, the bill will not solve all of the economy's problems.

"Even with the important steps we're taking, we will continue to face serious challenges" with the economy, Bush said.

--Sara Goo

September 29, 2008; 7:51 AM ET  | Category:  business
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Amazing, The snake oil salesman hasn't gotten his way yet. Could it be you can't fool all the people all the time? I would like to think so, but I have my doubts. Spend that money on our deteriating infra structure and put Americas to work with decent paying jobs, get rid of the crooks on wall street and in Washington, and our country will do just find. Wishful thinking,I know.

Posted by: Hankka | September 29, 2008 2:51 PM

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