President George W. Bush said on Saturday that benefits from the recently passed financial bailout will take time to show up in the US economy. One day after Bush signed the $700 billion rescue package into law, he assured the public that the government would be careful in implementing the legislation aimed at easing a credit crisis that has created turbulence in global financial markets.
"In addition to addressing the immediate needs of our financial system, this package will also help to spur America''s long-term economic growth," Bush said in his weekly radio address. He had pressed all week for Congress to approve the legislation which was dealt a blow on Monday when the House of Representatives rejected it.
A modified version that raised limits on insured bank deposits received final congressional approval on Friday. "While these efforts will be effective, they will also take time to implement," Bush said. "My administration will move as quickly as possible, but the benefits of this package will not all be felt immediately," he said. "The federal government will undertake this rescue plan at a careful and deliberate pace to ensure that your tax dollars are spent wisely." Bush was spending the weekend at his ranch in Crawford, Texas.