    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [October 1, 2008]
    [Pages 1262-1263]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Senate Action on Economic Stabilization Legislation
    October 1, 2008

        I applaud the Senate for its strong bipartisan vote in favor of the
    financial rescue plan. I especially appreciate the efforts of Majority
    Leader Harry Reid, Minority Leader Mitch
    McConnell, Senators Chris
    Dodd and Judd Gregg, and the senior members of the relevant committees from
    both parties. They worked across the aisle to make vital improvements to
    the rescue package I sent Congress last month, including an expansion of
    deposit insurance that will help protect the savings of American
    families and small businesses.
        The bill the Senate passed is essential to the financial security of
    every American. It is aimed at helping American families who need to
    borrow money to buy a car or fund a college education. It is aimed at
    helping small businesses that depend on financing to meet their payrolls
    and stock their shelves. And it is aimed at helping State and local
    governments that rely on

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    the credit markets to fund basic services and meet the needs of their
    citizens.
        The House will now take up this rescue legislation. With the
    improvements the Senate has made, I believe members of both parties in
    the House can support this legislation. The American people expect, and
    our economy demands, that the House pass this good bill this week and
    send it to my desk.

    Note: The statement referred to H.R. 1424.