Bush urges quick passage of ‘extraordinary’ rescue bill

President Bush on Monday hailed a bipartisan agreement to shore up the financial markets in an effort to combat the current crisis on Wall Street and urged lawmakers to pass it quickly. 

Bush called the deal, which was hammered out between his administration and Congress over the past week, a “bold bill that will help keep the crisis in our financial system from spreading throughout our economy.”

{mosads}The president urged quick passage of the measure.

“I fully understand that this will be a difficult vote. But with the improvements made to this bill, I'm confident that members of both parties will support it,” he stated. “Congress can send a strong signal to markets at home and abroad by passing this bill promptly. Every member of Congress and every American should keep in mind:  A vote for this bill is a vote to prevent economic damage to you and your community.”

Bush, in an address to the country delivered before the markets opened, expressed confidence that the legislation, in concert with other actions taken by the Treasury Department and the Federal Reserve “will begin to restore strength and stability to America's financial system and overall economy.”

However, he also noted that the bill is not a quick fix to the current crisis.

“This has been a volatile time for our financial system and our economy,” Bush stated. “Even with the important steps we're taking to address the current crisis, we will continue to face serious challenges. The impact of the credit crisis and the housing correction will continue to pressure our financial system and impact the growth of our economy for some time.”

In his remarks, Bush lauded the work Congress had done in a short period of time to react to the crisis. He even hailed aspects of it that the administration had originally opposed, such as limits on compensation that executives of companies could receive which benefit from the measure.