Bush: Rescue needed to keep economy from breakdown

September 28, 2008 4:37:58 PM PDT
President Bush is welcoming the $700 billion financial rescue deal reached by congressional leaders and his administration. He says the measure would help protect the nation's economy from a systemwide breakdown. Bush says the cost to the economy could be disastrous without the rescue plan.

The president says he knows lawmakers will face difficult votes this coming week on the plan. But he is confident Congress will do what is best for the economy and quickly pass the bailout.

The comments came in a White House statement late Sunday. It was Bush's first statement on the compromise that emerged after tough bargaining on Capitol Hill over the weekend.