Bush hails bailout passage

Other News Materials 3 October 2008 23:41 (UTC +04:00)

President Bush said historic legislation that the House passed Friday is critical to help an ailing economy, reported CNN.

їWe have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country,ї he said. їThese steps represent decisive action to ease the credit crunch that is now threatening our economy.ї

He said the bailout proposal ї passed by the Senate on Wednesday and the House on Friday ї will help stabilize financial markets and maintain Americaїs leading role in the global economy.

їAs a strong supporter of free enterprise, I believe that government intervention should occur only when necessary,ї Bush said. їIn this situation, action is clearly necessary.ї