Bush assures world leaders on U.S. economy

President Bush on Tuesday, speaking to the United Nations General Assembly, sought to assure world leaders that the U.S. is addressing its financial crisis. 

{mosads}“I know that many of you here are watching how the United States government will address the problems in our financial system,” Bush said, adding: “Last week, I announced decisive action by the federal government to address the root cause of much of the instability in our financial markets by purchasing illiquid assets that are weighing down balance sheets and restricting the flow of credit.”

Bush told the world leaders than his administration and Congress “are working together to quickly pass legislation approving this strategy. And I'm confident we will act in the urgent timeframe required.”

He also noted that he had taken “bold steps” previously “to prevent a severe disruption of the American economy, which would have a devastating effect on other economies around the world.”