[Weekly Compilation of Presidential Documents Volume 44, Number 39 (Monday, October 6, 2008)]
[Page 1275]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Congressional Action on Economic Stabilization Legislation

September 28, 2008

    Today a bipartisan group of Members of Congress, working with my 
administration, reached agreement on economic rescue legislation that is 
urgently needed to address a crisis in our financial system that 
threatens the entire U.S. economy.
    I appreciate the leadership shown by Members on both sides of the 
aisle, who came together to write a very good bill. This bill provides 
the necessary tools and funding to help protect our economy against a 
systemwide breakdown. The bill will help allow access to credit so 
American families can meet their daily needs and American businesses can 
make purchases, ship goods, and meet their payrolls. And this plan sends 
a strong signal to markets around the world that the United States is 
serious about restoring confidence and stability to our financial 
system. Without this rescue plan, the costs to the American economy 
could be disastrous.
    Many Members of Congress contributed important ideas to improve the 
legislation my administration proposed. I appreciate the negotiators 
considering those ideas and incorporating them in this agreement.
    Members of Congress will vote on this legislation soon. This is a 
difficult vote, but with the improvements made to the bill, I am 
confident Congress will do what is best for our economy by approving 
this legislation promptly.

Note: The statement referred to H.R. 3997.