Associated Press Writer
"There were moments this week when some thought that the federal government could not rise to the challenge. But thanks to the hard work of members of both parties, in both houses, and the spirit of cooperation between Capitol Hill and my administration, we completed this bill in a timely manner," Bush said in remarks in the Rose Garden.
He spoke shortly after the far-reaching measure was passed by the House 263 to 171. That represented the final stage of the legislative process.
"I know some Americans have concerns about this legislation, especially about the government's role and the bill's cost," Bush said. "As a strong supporter of free enterprise, I believe government intervention should occur only when necessary. In this situation, action is clearly necessary."
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP)—President Bush says he will quickly sign a massive $700 billion bailout bill for the financial industry into law, applauding Congress for clearing the measure.
Bush appeared outside the White House in early afternoon, not long after the measure was passed by the House 263 to 171. That represented the final stage of the legislative process.
The president said he believes in a free-market system and that the government should intervene "only when necessary." He said he thought it represented "decisive action" by Washington to ease the widening credit crunch across the country.