U.S. President George W. Bush on Friday thanked the U.S. House of Representatives for passing the $700 billion financial rescue plan. Speaking at the Rose Garden at the White House, Bush promised to sign the bill once it comes to his desk. He is expected to sign the legislation as early as tonight. The statements came the same day that the House decided to pass the rescue package after its reconsideration, and after those same lawmakers rejected it on Monday, and after the U.S. Senate passed the bill on Wednesday. Thanking both Republican and Democratic lawmakers, Bush said that the bill's passage was “essential” to stabilizing the U.S. economy, but said that it will take time before the effects of the bill are felt. “By coming together on this legislation, we have acted boldly,” Bush said, adding that by passing the bill, “We have shown the world [that the U.S. can take necessary action and] …maintain a leading role in the global economy.” Addressing widespread concerns that such a momentous bailout would move the United States away from a free economy, Bush said: “I believe government intervention should occur…only when necessary,” but added that the move was needed and was worth the cost. “The tax dollars we invest will be paid back,” he said. Bush, and Democratic Presidential nominee Barack Obama, and Republican Presidential nominee John McCain all have said that the package is necessary for the health of the U.S. financial systems. Federal Reserve Chairman Ben Bernanke also thanked the Congress for passing the legislation, saying that it will allow for the U.S. economy to continue to function.
