White House approves of congressional bailout bill

President Bush said Sunday the bipartisan financial bailout package brokered over the weekend is "a very good bill” and he expects it will pass both houses of Congress soon.

{mosads}Bush said in a statement that he appreciated the help of both parties in crafting the legislation despite the reservations expressed by leadership in both parties and the presidential candidates less than six weeks out from Election Day.

"This bill provides the necessary tools and funding to help protect our economy against a system-wide breakdown," Bush said. "The bill will help allow access to credit so American families can meet their daily needs and American businesses can make purchases, ship goods, and meet their payrolls.  And this plan sends a strong signal to markets around the world that the United States is serious about restoring confidence and stability to our financial system."

Bush said without the congressional plan, "the costs to the American economy could be disastrous."

While the administration originally asked for a $700 billion bailout package with Treasury Secretary Henry Paulson calling the shots, Congress agreed over the weekend to give Paulson $250 billion up front and the rest with congressional approval further down the road.