President Bush on Monday praised congressional leaders for their bipartisan cooperation on crafting a revised $700 billion bank rescue plan and said he is confident the bill will help stabilize the nation's ailing economy.
In an early morning address at the White House, the president urged Congress to pass the plan quickly to "keep the crisis in our financial industry from spreading." The House is expected to vote Monday. If the bill passes the House, action by the Senate is expected by midweek.
"With this strong and decisive legislation, we will help re-start the flow of credit so American families can meet their daily needs and American businesses can make purchases, ship goods and meet their payrolls," the president said in the brief statement.
Earlier Monday morning, Sen. Christopher Dodd, the chairman of the Senate Banking Committee, also urged passage of the compromise financial industry bailout plan, saying Congress has no choice but to act now to steady the shaky economy.
The Connecticut Democrat said that if Congress doesn't move now, the problems in the financial industry could spread across the country.
New Hampshire Sen. Judd Gregg, who represented Republicans in the negotiations over the weekend, called the legislation a "tourniquet."