Bush signs bailout bill

President Bush on Friday afternoon hailed the House for passing the $700 billion financial rescue plan and promptly signed it.

{mosads}The president, speaking in the Rose Garden, specifically named and thanked congressional leaders of both parties, praising “the spirit of cooperation between Capitol Hill and my administration.”

After a similar bill was defeated in the House on Monday, sending the markets plummeting, Bush stepped up his lobbying efforts, working the phones as the Senate passed a modified version of the bill Wednesday night.

“There were moments this week when some thought the federal government could not rise to the challenge," Bush said.

The president addressed the concerns of Americans about the government's intervention and the cost of the package, but he said the action “is essential to helping America's economy weather the financial crisis.”

“As a strong supporter of free enterprise, I believe government intervention should occur only when completely necessary,” Bush said.

The president warned that the package will take time to correct the financial crisis, but he promised that it will put the country on the path to maintaining its role as “a leader in the global economy.”

This article was updated at 3:45 p.m.